Statkraft has announced the purchase of the Element Power Group, acquiring it’s Irish and UK portfolio.
The deal will see the Norwegian firm absorb Element’s 50 staff members and wind farms currently under development in Ireland (1,300 MW) and the UK (250 MW).
The transaction, completed this morning, is an acquisition of 100% share in Element Power’s Irish and UK subsidiaries (excluding Greenlink Interconnector Limited).
Christian Rynning-Tønnesen, CEO of Statkraft, said: “This acquisition fits perfectly with our onshore wind power strategy. A very competent organisation based in Ireland and in the UK will strengthen Statkraft’s capabilities in project development, construction and commercial management in the UK and Ireland, as well as across markets.”
One of Europe’s largest renewable generators, Statkraft already owns and operates 11 wind farms in the UK and the Norway, holding a combined installed capacity of almost 1,000 megawatts (MW).
Statkraft is also the majority owner of the 1,056 MW Fosen Vind project under construction in Norway, Europe’s largest onshore wind power project.
Element Power CEO Mike O’Neill commented: “We are delighted to complete the sale of our renewable energy and related activities in Ireland and the UK, and especially so to a company of Statkraft’s standing and ambitions for growth, who will build on our successful track record of project delivery.
“They are inheriting an extremely high calibre team and a substantial portfolio of projects that will enable them to take a leading role in the market. We wish them every success, whilst we look forward to continuing the development of our Greenlink interconnector project that will link these two important energy markets and help facilitate their continued decarbonisation.”
In December last year, Statkraft announced the sale of 30% of the Dudgeon Offshore Wind Farm to China Resources Company Limited.
Statkraft confirmed that the deal was part of a longer term exit strategy from offshore wind.
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