Norway’s Statkraft has confirmed the purchase of the Element Power Group’s Irish and UK operations.
The agreement means the absorption of Element’s 50 staff and wind farms under development in Ireland’s 1.3 gigawatts and 250 megawatts in the UK.
The utility did not disclose the value of the transaction.
The deal does not include Greenlink Interconnector Limited, the special purpose vehicle behind a 500MW transmission link between Ireland’s County Wexford and southwest Wales.
The Norwegian firm also acquired the 750MW North Irish Sea Array (NISA) from developer Gaelectric in April this year.
Last month Statkraft, which has 3,500 staff in 16 countries, said it planned to increase its portfolio of wind power assets to 6 GW by 2025.
Christian Rynning-Tønnesen, chief executive of Statkraft, told the media: “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.”
The firm already owns and operates 11 wind farms in the UK and Norway with a combined installed capacity of almost 1 GW.
As one of Europe’s largest renewable generators, it is also the majority owner of the 1 GW Fosen Vind project being constructed in Norway, the continent’s largest onshore wind project.
Ireland is one of the selected growth markets for onshore wind, Statkraft said.
Element Power boss Mike O’Neill said: “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 2017, Statkraft announced the sale of 30 per cent of the Dudgeon offshore wind farm to China Resources Company Limited, adding that it was part of a longer term retreat from offshore wind power.
Wind turbines are a common sight in rural Britain. Picture credit: Wikimedia