Mediobanca acted as financial advisor to Elecnor, S.A. (“Elecnor”) in the disposal of a 100% stake of its renewable energy subsidiary Enerfín Sociedad de Energía, S.L.U (“Enerfín” or the “Company”).
On November 17th, 2023, Elecnor signed with Statkraft European Wind and Solar Holding AS (“Statkraft”), a company belonging to the Statkraft Group, an agreement for the acquisition of all the shares of Enerfín which, will enable Statkraft to become the sole shareholder of Enerfin (the “Transaction”).
The enterprise value of Enerfín recognized in the Transaction is c. €1.8bn at the date of signing the share purchase agreement.
Established in 1997 and headquartered in Madrid, Enerfín is a renewable energy developer and operator with a team of c. 170 employees. The Company has a sizeable portfolio including 1.5 GW in operation and under construction assets (Brazil: 698 MW, Spain: 549 MW, Other: 229 MW) and a solid pipeline of projects at various stages of development worldwide.
Established in 1895 and fully owned by the Norwegian State, Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy with c. 19 GW of installed capacity and 5,700 employees in 21 countries. The Group develops and operates their own and third-party power plants and markets their power output, as well as providing physical and financial energy solutions for customers.
Mediobanca advised Elecnor on the available strategic options and provided encompassing support in thinking and executing the deal, designing the structure of the transaction, providing support throughout the due-diligence exercise and leading the negotiation phase, achieving a highly satisfactory outcome for the Client in a highly competitive process.
This Transaction, that so far is the largest renewable deal this year in Iberia, confirms the strong relationship of Mediobanca Madrid with key Spanish clients and unique experience in the Energy transition space in Iberia.