Norwegian renewable energy generator Statkraft has agreed to acquire Spain-based clean energy firm Enerfin at an enterprise value of approximately €1.8bn.

The consideration includes equity and debt and is subject to customary adjustments at the closing of the deal.

Enerfin is a subsidiary of Spanish engineering and construction business Elecnor Group. Its renewable energy platform comprises 1.5GW wind power and solar capacity in operation and under construction.

The firm also has a pipeline of projects at various phases of development.

Enerfin’s projects in operation include the repowering of the 16.5MW Malpica wind farm in Spain, a 375MW wind farm complex in the state of Rio Grande do Sul, Brazil, and the 100MW L’Érable wind farm in Quebec, Canada.

According to Statkraft, Enerfin’s renewable energy portfolio provides scope for the repowering of wind farms, in addition to hybridisation, and exploring possibilities of battery storage.

Through the acquisition, the Norwegian company aims to have an increased market operations in Spain as well as Brazil.

Statkraft CEO Christian Rynning-Tønnesen said: “This is a milestone acquisition for Statkraft. Enerfin is a solid, well-run company with a highly competent organisation and an attractive portfolio that fits well with Statkraft’s current activities.

“The deal will create further value for the customers, our owner and society as it constitutes a major contribution to the green energy transition towards zero emissions.”

Conditional upon public approvals in the respective countries, the deal is anticipated to be completed during the first half of 2024.

Earlier this year, Statkraft joined forces with Danish investment firm Copenhagen Infrastructure Partners (CIP) to develop up to 2.2GW of offshore wind capacity in Ireland.