Atlantica Sustainable Infrastructure, the London-based company focused on sustainable assets, has announced the acquisition of Statkraft’s Canadian renewable energy platform.
The move adds 236 MW of operational capacity and a development pipeline totalling 0.8 GW across solar, wind, and energy storage projects. The transaction, set to close before the end of 2025, significantly bolsters Atlantica’s position in the Canadian market.
“This acquisition marks a strategic milestone for Atlantica, significantly expanding its presence in a core market with attractive growth prospects through the addition of high-quality operational wind assets and a development pipeline,” said Santiago Seage, CEO of Atlantica.
Founded in 2014, Atlantica Sustainable Infrastructure Ltd. operates a diversified portfolio spanning renewable energy, energy storage, efficient natural gas, electric transmission, and water assets across North America, Europe, and South America. This acquisition reinforces Atlantica’s strategic push into North America and adds operational depth in wind energy, one of its core growth areas.
Included in the deal is a 51% stake in the l’Érable wind facility in Québec, a 100 MW asset in operation since 2013 with a power purchase agreement (PPA) backed by an investment-grade utility. The acquisition also covers a 136 MW wind project in Alberta, launched in December 2024, which benefits from a corporate PPA and boasts a remaining contract life of around 15 years on average. Both assets come with a track record of stable operations and long-term contracts, aligning well with Atlantica’s infrastructure-focused business model.
The development pipeline encompasses around 0.8 GW of solar, wind, and storage projects in various provinces. As part of the agreement, Atlantica will also integrate a local team, enabling stronger operational capabilities and strategic expansion across Canada and the broader North American market.
The Canadian portfolio is being sold by Statkraft, an Oslo-based energy company founded in 1895 and known globally for its expertise in hydropower and renewable energy. Statkraft entered the Canadian market through its acquisition of Enerfín’s international portfolio in November 2023, a deal completed in May 2024.
While this gave Statkraft a substantial foothold in Spain and Brazil – where it is now reportedly among the top 10 wind producers – the divestment of Canadian assets reflects a strategic retreat from non-core regions.
“I am happy to announce that we have agreed to sell our renewables portfolio in Canada to Atlantica Sustainable Infrastructure, who will be able to grow this business further. The deal confirms that Enerfín built a skilled team and attractive portfolio in Canada. We are looking forward to watching the business grow under new ownership,” says Barbara Flesche, Executive Vice President at Statkraft.
Statkraft’s Canadian subsidiary, Enerfín Canada, is headquartered in Montréal and has offices in Calgary and Saint-Ferdinand. The sale includes its staff, two operational wind farms totalling 236 MW, and six wind and solar development projects across several provinces.
Closing is contingent on regulatory approvals, including under Canada’s Competition Act. Both parties anticipate completing the transaction by the end of 2025.
