At what enterprise value was Enerfin acquired in 2023?

You can find the full valuation details of Enerfin on mynth capital. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA.

What was the EV/EBITDA of Enerfin when it was acquired by Statkraft?

The estimated EV/EBITDA multiple for Enerfin is in the range of 10x - 18x. Join our community for free to access full valuation data and industry trends.

When was Enerfin acquired by Statkraft?

Enerfin was acquired by Statkraft in 2023.

What was the EBITDA of Enerfin during the acquisition?

Enerfin's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the Enerfin acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the Enerfin deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.statkraft.com/newsroom/news-and-stories/2023/statkraft-acquires-spanish-based-renewables-business-enerfin-from-elecnor-group/

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11/2023

Enerfin acquired by Statkraft

SPAIN Power Generation / Renewables EV 1b - 4b EUR

Context

Statkraft announced the acquisition of Enerfin, the renewable‑energy subsidiary of the Spanish engineering conglomerate Elecnor. Enerfin comprises a diversified portfolio of operational wind and solar facilities primarily located in Spain and Portugal, together with an active development pipeline targeting additional on‑shore wind projects and utility‑scale solar farms. The transaction follows a period of intensified consolidation within the European renewable sector, wherein major generators have sought to augment geographic reach and asset depth to meet escalating policy‑driven decarbonisation mandates. From Statkraft’s perspective, the purchase constitutes a strategic maneuver to solidify its foothold in the Iberian market, a region characterised by favourable wind regimes, high solar irradiance, and a regulatory environment increasingly supportive of renewable integration. By assimilating Enerfin’s existing generation assets and development pipeline, Statkraft can accelerate its ambition to achieve a balanced, cross‑border renewable generation mix, leverage economies of scale in procurement and operations, and harness complementary expertise in project development and grid interfacing. The acquisition aligns with the company’s broader growth‑oriented external expansion logic, enhancing its capacity portfolio and reinforcing its position as a leading independent producer in Europe. Post‑closing, Statkraft is expected to integrate Enerfin’s assets into its operational framework, standardising asset management processes and applying its advanced forecasting, maintenance, and digital optimisation platforms. The combined entity should benefit from reduced per‑MWh operating costs, heightened dispatchability, and an expanded market presence that facilitates participation in ancillary service markets across the Iberian System. Consequently, the transaction is projected to augment Statkraft’s renewable generation output, contribute materially to its long‑term renewable capacity targets, and deliver incremental resilience against market volatility through diversified generation sources and enhanced operational synergies.

Enerfin, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Enerfin is a vertically integrated renewable‑energy developer headquartered in Spain. Established in 2006 as the renewable‑energy arm of Elecnor, the company has built a portfolio comprising utility‑scale wind and solar photovoltaic assets across the Iberian Peninsula and selected markets in Latin America. Its value chain encompasses site identification, permitting, financing, EPC coordination, grid connection, and long‑term operation and maintenance. Enerfin’s client base includes independent power producers, utility distributors and corporate off‑take partners, for whom it delivers contracted power under firm power purchase agreements. The firm leverages proprietary meteorological modelling and asset‑performance analytics to optimise generation yields and to manage portfolio risk. Since inception, Enerfin has expanded its geographical footprint from its domestic market to Brazil, Chile and Mexico, deploying both on‑shore wind farms (typically 50‑150 MW) and solar farms (up to 200 MW). The company maintains a lean corporate structure that coordinates cross‑functional teams in engineering, legal, finance and commercial departments, enabling rapid project execution and adherence to regulatory frameworks in each jurisdiction. Enerfin’s strategic orientation emphasizes the transition to sustainable generation, with a pipeline of development projects that target high‑capacity‑factor sites and grid‑friendly technologies. Its operational model is underpinned by long‑term O&M contracts that secure steady generation output and facilitate lifecycle asset optimisation.

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REFERENCES

Valuation range: EV 1b - 4b EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Enerfin by Statkraft are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: statkraft