London’s Atlantica powers up in Canada with renewable platform acquisition from Oslo’s Statkraft

Atlantica Sustainable Infrastructure, the London-based firm targeted on sustainable belongings, has introduced the acquisition of Statkraft’s Canadian renewable power platform.

The transfer provides 236 MW of operational capability and a improvement pipeline totalling 0.8 GW throughout photo voltaic, wind, and power storage initiatives. The transaction, set to shut earlier than the tip of 2025, considerably bolsters Atlantica’s place within the Canadian market.

“This acquisition marks a strategic milestone for Atlantica, considerably increasing its presence in a core market with engaging progress prospects via the addition of high-quality operational wind belongings and a improvement pipeline,” stated Santiago Seage, CEO of Atlantica.

Based in 2014, Atlantica Sustainable Infrastructure Ltd. operates a diversified portfolio spanning renewable power, power storage, environment friendly pure gasoline, electrical transmission, and water belongings throughout North America, Europe, and South America. This acquisition reinforces Atlantica’s strategic push into North America and provides operational depth in wind power, one in every of its core progress areas.

Included within the deal is a 51% stake within the l’Érable wind facility in Québec, a 100 MW asset in operation since 2013 with an influence buy settlement (PPA) backed by an investment-grade utility. The acquisition additionally covers a 136 MW wind challenge in Alberta, launched in December 2024, which advantages from a company PPA and boasts a remaining contract lifetime of round 15 years on common. Each belongings include a observe report of secure operations and long-term contracts, aligning nicely with Atlantica’s infrastructure-focused enterprise mannequin.

The event pipeline encompasses round 0.8 GW of photo voltaic, wind, and storage initiatives in varied provinces. As a part of the settlement, Atlantica will even combine an area crew, enabling stronger operational capabilities and strategic enlargement throughout Canada and the broader North American market.

The Canadian portfolio is being offered by Statkraft, an Oslo-based power firm based in 1895 and recognized globally for its experience in hydropower and renewable power. Statkraft entered the Canadian market via its acquisition of Enerfín’s worldwide portfolio in November 2023, a deal accomplished in Might 2024.

Whereas this gave Statkraft a considerable foothold in Spain and Brazil – the place it’s now reportedly among the many prime 10 wind producers – the divestment of Canadian belongings displays a strategic retreat from non-core areas.

“I’m comfortable to announce that we’ve agreed to promote our renewables portfolio in Canada to Atlantica Sustainable Infrastructure, who will have the ability to develop this enterprise additional. The deal confirms that Enerfín constructed a talented crew and engaging portfolio in Canada. We’re wanting ahead to watching the enterprise develop underneath new possession,” says Barbara Flesche, Government Vice President at Statkraft.

Statkraft’s Canadian subsidiary, Enerfín Canada, is headquartered in Montréal and has workplaces in Calgary and Saint-Ferdinand. The sale contains its employees, two operational wind farms totalling 236 MW, and 6 wind and photo voltaic improvement initiatives throughout a number of provinces.

Closing is contingent on regulatory approvals, together with underneath Canada’s Competitors Act. Each events anticipate finishing the transaction by the tip of 2025.