Statkraft acquires Element Power Group

16 October 2018

Sian Crampsie

Statkraft has boosted its position in Ireland’s and the UK’s renewable energy sectors with the acquisition of Element Power Group.

The transaction comprises Element Power Ireland Ltd and three UK project companies, which will be integrated into Statkraft, the Norwegian energy company said. It gives the company a large onshore wind energy development pipeline and fits well into Statkraft’s growth strategy, it added.

Statkraft is already Europe’s largest producer of renewable energy and has an ambition to grow further within hydropower, wind and solar power, as well as market operations in Europe, South-America and India.

“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,” said Christian Rynning-Tønnesen, CEO of Statkraft.

Statkraft plans to grow its portfolio of wind power assets to 6 GW by 2025. Element’s development pipeline in Ireland stands at 1300 MW, while in the UK it has around 250 MW under development.

Ireland is one of the selected new growth markets for onshore wind in Statkraft. The company already owns and operates 11 wind farms in the UK and the Nordics with a combined installed capacity of almost 1000 MW. Furthermore, Statkraft is the majority owner of the 1056 MW Fosen Vind project under construction in Norway, Europe’s largest onshore wind power project.

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