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Statkraft makes UK and Ireland wind play with Element Power acquisition

Image: Getty.

Image: Getty.

Norwegian energy giant Statkraft has made a major play for the UK and Ireland wind sector by acquiring the development business of Element Power Group.

The transaction, announced this morning, includes Element Power Ireland and three additional UK project companies, which combined possess a portfolio of wind farms under development of around 1,550MW.

Element Power’s development business, which has around 50 employees, is to be integrated into Statkraft’s operation in a move which Christian Rynning-Tønnesen, chief executive at Statkraft, said fitted perfectly with the firm’s onshore wind 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," he said.

While no financial details of the transaction were revealed, Statkraft said the transaction was closed this morning and includes 100% of the shares in Element Power’s Irish and UK subsidiaries, excluding Greenlink Interconnector Limited, the holding company for Element Power’s prospective UK to Ireland interconnector.

Mike O’Neill, chief executive at Element Power, said the firm was delighted to complete the sale.

“They [Statkraft] 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."

The deal comes less than a week after the state-owned renewables firm announced plans to invest nearly £1 billion a year between now and 2025 in a bid to deploy multiple gigawatts of renewables.

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