Statkraft plans annual investments of US$1.2 billion in renewable energy, including hydropower

Statkraft has announced it is planning annual investments of about NOK10 billion (US$1.2 billion) in renewable energy from 2019 to 2025, including “large upgrades of Nordic hydropower.”

In addition, Statkraft has an ambition to reach 6,000 MW of onshore wind and 2,000 MW of solar by 2025. Last year, the company announced its strategy was to exit the offshore wind industry and focus on hydropower, onshore wind, solar, district heating and other new renewable energy technologies.

According to a press release, annual investments in the renewal of Norwegian hydropower plants amount to about NOK1.2 billion (US$148 million), and investments are planned in new, green business opportunities.

Statkraft says the majority of growth will come in Europe, and substantial growth will be added to markets where Statkraft is already present in South America and India. Specifically, the expected geographical distribution of investments from 2018 to 2025 will be 26% in Norway, 42% in Europe excluding Norway and 32% outside Europe.

The new strategy comprises “developing, generating and trading energy, including purchasing and selling renewable power for other companies.” The investments will be financed partly from existing businesses supplemented by systematic divestments of shares in completed solar and wind projects to financial investors.

“Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us,” said Christian Rynning-Tonneson, chief executive officer of Statkraft.

Statkraft is Europe’s largest generator of renewable energy, from hydropower, wind power, solar power and gas-fired power. Statkraft also provides district heating. The company owns 331 hydro plants, 231 in Norway, 59 in Sweden, 10 in Germany, three in the United Kingdom and 35 outside Europe.

And earlier this month, Statkraft acquired the 100-MW Tidong hydropower project under construction in India.

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