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Insights and News /

12 October 2018

Baringa Partners advises Element Power on the sale of part of its business to Norwegian energy group

Press release

Baringa Partners has advised global renewable energy developer, Element Power, on the sale of its power projects and asset management business covering Ireland and the UK, to Statkraft.

We are immensely proud to have provided market, commercial and regulatory advice to global renewable energy developer, Element Power, on the sale of its power projects and asset management business covering Ireland and the UK, to Statkraft, a Norwegian state-owned utility.
 
The assets include a portfolio of development stage onshore and offshore wind projects across these key Northern European markets with a potential generating capacity of approximately 1.55GW. The transaction also encompasses Element Power’s battery storage and grid services projects, but excluded the Nordic assets and the company’s Greenlink interconnector project.
 
Element Power was established in 2008 by Hudson Clean Energy Partners, a leading global private equity firm investing in renewable energy, alternative fuels and energy efficiency.
 
The Baringa team was led by Ilesh Patel, Partner, Energy & Resources and Pavlos Trichakis, Senior Manager and Tom Harper, working closely with Element Power’s other advisors.
 
Ilesh Patel, Partner, Baringa Energy & Resources said, "We are proud to have supported Element Power in this transaction and of our six year history of advising Element Power across its diverse markets, technologies and businesses.  This is a landmark deal and a great recognition of the value in building a robust platform for developing and investing in renewable energy projects. We wish success to both the Element Power team and Statkraft as they moved forward as one."
 
Mike O’Neil, CEO, Element Power said, “Baringa has been a highly valued adviser to Element Power over many years, and played a key role in helping us achieve a successful outcome in selling our core business to Statkraft. Their insight into the energy markets in which we operate and their ability to present complex matters in a clear and relevant way was invaluable.”