Element has about 1.3GW of onshore wind farms under development in Ireland, about 250MW in the UK. It had also acquired the 750MW North Irish Sea Array (NISA) from previous developer Gaelectric in April.
The transaction, which was completed on 1 October, is an acquisition of 100% of the shares in Element Power’s Irish and UK subsidiaries from the group’s principle owner, investment firm, Hudson Clean Energy Partners. It excludes Greenlink Interconnector Limited, the special purpose vehicle behind a 500MW transmission link between the UK and Ireland.
Norwegian utility Statkraft would not disclose the value of the transaction.
It had announced in September that it planned to invest around NOKL 10 billion (€1.04 billion) in renewable energy each year between 2019 and 2025 to reach a gross capacity of 6GW of onshore wind by this date.
Christian Rynning-Tønnesen, Statkraft’s CEO, said: "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 other markets."
The company added that Ireland was one of the "selected new growth markets for onshore wind in Statkraft". It had previously stated that it planned to have 68% of its growth in renewable energy in Europe including Norway, and 42% in Europe excluding its native country.