The Norwegian state-owned company and Europe’s largest renewable energy generator, Statkraft, has acquired the Chilean assets of Spanish firm Torsa. The acquired assets, valued at USD 180 million, include three wind farms with a combined installed capacity of 110 MW.
According to Statkraft, the projects are Cardonal (30 MW), Manantiales (28 MW), and Cerrillos (52 MW), all located in the Libertador General Bernardo O’Higgins Region. Each project has received its respective Environmental Qualification Resolution (RCA) approval.
For the acquisition, Statkraft was advised by the law firm Atkinson Costabal Undurraga & Achurra Abogados (ACU). Torsa was reportedly advised by Sandoval, Seoane & Cía, although the latter has not confirmed its involvement.
Pablo Undurraga, partner at ACU, highlighted:
“This acquisition marks a significant milestone in Statkraft’s strategy in Chile, giving momentum to its investment plans in the country,” particularly because the company intends to continue developing the three projects, which are expected to reach completion by 2022 and collectively generate an average of 300 GWh per year.
According to El Mercurio,
“the goal is to triple the company’s current capacity and reach 800 MW of installed capacity within five years.” Chile, along with Brazil and India, is one of Statkraft’s three priority countries for international expansion.
Statkraft entered the Chilean market in 2014 through the acquisition of SN Power and the formation of a joint venture with Pacific Hydro. These companies operate the La Higuera and La Confluencia run-of-river hydropower plants in the O’Higgins Region. Statkraft also owns Empresa Eléctrica Pilmaiquén, which operates the Rucatayo hydroelectric power plant.
