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Statkraft buys Element Power's UK and Irish ops with 1.5-GW pipeline

Onshore wind farm. Featured Image: TuTheLens/ Shutterstock.com

October 2 (Renewables Now) - Norwegian state-owned utility Statkraft AS announced today it has bought the Irish and UK onshore wind development operations of Element Power, including roughly 1,550 MW of projects.

Statkraft said in a press statement that this acquisition aligns with its ambition to grow further within hydropower, wind and solar power. From a geographic point of view, it targets Europe, South-America and India.

The fresh transaction includes the purchase of Element Power Ireland Ltd and three UK project companies, with around 50 employees expected to join Statkraft. These firms are currently developing about 1,300 MW of wind projects in Ireland and a further 250 MW in the UK.

The deal though does not concern Greenlink Interconnector Limited -- the developer of the 500-MW Greenlink interconnector between the UK and Ireland.

Statkraft CEO Christian Rynning-Tonnesen commented that the purchase of the above-mentioned firms will beef up the Norwegian company’s capabilities in project development, construction and commercial management in the UK and Ireland. Statkraft says that Ireland is one of its chosen new growth markets for onshore wind.

The utility currently owns and operates 11 wind farms in the UK and the Nordics with a combined capacity of close to 1,000 MW, and is looking to increase its overall portfolio to 6,000 MW by 2025. The company is also the majority owner of the 1,056-MW Fosen Vind project in Norway.

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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