Statkraft looks to divest renewable energy assets in non-core markets

The assets are diverse and extensive, with 467 MW of wind and solar.

Statkraft, a Norwegian energy company, is looking for buyers for its projects in four non-core markets, Reuters reports.

The assets are part of Statkraft’s acquisition of Spanish company Enerfin, which was purchased from the Elecnor Group for €1.8 billion ($1.94 billion) in November 2023.

The assets are based in the United States, Canada, Colombia, and Australia.

Statkraft CEO Christian Rynning-Toennesen stated: “When it comes to Enerfin, we will divest four countries in the portfolio there: Canada, the US, Columbia and Australia.”

“It’s just that we don’t have the financial or organisational capacity to take on these four countries.”

The Enerfin transaction will close in the second quarter of 2024.

The agreement strengthened Statkraft’s position as a major international renewable energy provider, particularly in Spain and Brazil.

The assets available for sale on the open market are diverse and extensive. They include 467 MW of wind and solar assets, primarily in Canada and Colombia. Some are already operational, while others are being built and ready for development.

Statkraft stated that the projects are part of a larger portfolio available to interested parties, and Rynning-Toennesen emphasized their quality in all four countries.

Statkraft is also preparing a substantial pipeline of wind and solar development projects totaling 5GW across four countries.

The sales process will begin in March 2024, with financial advisors Rothschild appointed to oversee the proceedings.

Statkraft’s strategic focus remains on its core markets, which include Europe, India, and a few South American countries, particularly Chile, Peru, and Brazil.

In January 2024, the company announced plans to invest €6 billion in its hydro and wind power facilities in Norway.

The plan includes a budget of €1.8 billion to €3 billion for refurbishing and transforming Norwegian hydroelectric plants, as well as an additional €1.2 billion to €2 billion for dam rehabilitation and modernization of older hydropower stations.

The projects are expected to be completed between 2024 and 2030, with upgrades planned for the Mauranger, Aura, Alta and Svean plants.

Source Statkraft


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