Atlantica's Canadian Power Play: A Strategic Leap into Renewables

NEW YORK, NY – December 10, 2025 – Atlantica Sustainable Infrastructure has officially cemented its foothold in the North American renewables market, announcing today the closing of its previously declared acquisition of Statkraft's Canadian renewable energy platform. The deal marks a significant strategic milestone for the company, immediately adding operational assets while simultaneously unlocking a substantial pipeline for future growth.

The transaction injects 236 megawatts (MW) of operational wind power into Atlantica's portfolio, backed by long-term contracts that promise stable, predictable revenue streams. Perhaps more importantly for the company's long-term trajectory, it also includes a 0.6 gigawatt (GW) development pipeline of solar, wind, and storage projects, along with the experienced local team needed to bring them to fruition.

“This transaction is a key step in our North American growth strategy,” said Santiago Seage, Atlantica’s CEO, in a statement confirming the deal's completion. Highlighting the dual benefit of the acquisition, he added, “We are pleased to welcome the new team members to Atlantica. The integration of this experienced local team will complement our existing Canadian operations and enhance our capabilities to capture future growth opportunities across the region.”

A Calculated Move in a Booming Market

This acquisition is far from an opportunistic purchase; it is a deliberate and strategic maneuver aligned with Atlantica's sharpened focus on high-quality, contracted assets in core geographies. For investors, the most compelling aspect of the newly acquired operational assets is their financial stability. The portfolio includes a 51% stake in the 100 MW l’Érable wind facility in Quebec, operational since 2013, and a 136 MW wind asset in Alberta that came online earlier this year. Both are underpinned by long-term Power Purchase Agreements (PPAs) with investment-grade counterparties, boasting an average remaining contract life of approximately 13 years. This structure effectively de-risks a significant portion of the investment, providing a reliable cash flow foundation for years to come.

Atlantica's timing is impeccable, positioning the company to capitalize on Canada's burgeoning renewable energy sector. The Canadian market is currently one of the world's most attractive destinations for clean energy investment, projected to grow at a compound annual rate of 13.5% to reach nearly $277 billion by 2033. This growth is fueled by a powerful combination of ambitious government policy and favorable economics.

Canada has set aggressive national targets, aiming for a net-zero electricity grid by 2035 and a net-zero economy by 2050. To support this transition, the federal government has rolled out robust incentives, including a refundable 30% Clean Energy Investment Tax Credit on capital costs. These policies, coupled with the rapidly falling costs of wind and solar technology, have created a fertile ground for development, drawing in a record US$35 billion in energy transition investment in 2024 alone.

The Other Side of the Deal: Statkraft's Strategic Pivot

While Atlantica's move signals a deepening commitment to North America, the sale by Statkraft should not be misinterpreted as a lack of confidence in the Canadian market. Rather, it represents a disciplined strategic pivot by the Norwegian state-owned energy giant. In June 2025, Statkraft announced a “sharpened strategy” designed to concentrate its financial and organizational resources on a few core markets—primarily the Nordics, Europe, and South America—where it can leverage existing scale to enhance competitiveness.

The Canadian assets became part of Statkraft's portfolio through its acquisition of Enerfín's international platform, a deal that closed in May 2024. While that transaction significantly bolstered Statkraft's presence in Spain and Brazil, the assets in Canada, along with others, were quickly identified as non-core. This divestment is part of a broader restructuring to free up capital for reinvestment in its prioritized regions.

Barbara Flesche, an Executive Vice President at Statkraft, commented at the time of the sale agreement that the company was pleased to have found a "strong new home" for its Canadian portfolio with Atlantica, expressing confidence in the latter's ability to grow the business further. This context reveals a mature market transaction between two sophisticated players, each executing a clear and distinct corporate strategy.

Beyond the Megawatts: Unlocking Future Growth

The immediate revenue from the 236 MW of operational assets provides a stable floor for the investment, but the real long-term value for Atlantica lies in the 0.6 GW development pipeline. This portfolio of solar, wind, and storage projects represents a powerful engine for organic growth in the coming years.

Atlantica is already demonstrating its intent to capitalize on this potential. The company confirmed it has successfully closed project financing with the National Bank of Canada for the 'Winnifred' project, a 60 MW solar development co-located with the newly acquired Alberta wind facility. This swift action to secure financing signals a clear commitment to moving projects from the drawing board to construction.

Critically, the deal was not just for physical assets but also for human capital. The integration of Statkraft's small but experienced Canadian team is a strategic asset that cannot be overstated. This local expertise is invaluable for navigating the complex web of provincial regulations, managing community engagement, and executing on the development pipeline efficiently. For Atlantica, this means hitting the ground running with a team that already possesses deep regional knowledge, significantly reducing execution risk and accelerating its growth plans.

As Canada pushes forward with its energy transition, this acquisition places Atlantica in an enviable position. The company has not only expanded its operational footprint with secure, long-term contracted assets but has also acquired a robust and actionable pipeline for future expansion. By combining stable cash flows from existing wind farms with the significant upside of a development portfolio, Atlantica has structured a deal that balances present-day returns with a clear vision for future growth, making it a key player to watch in North America's renewable landscape.