Statkraft has announced it is planning to invest around NOK 10 billion in renewable energy annually in the period 2019-2025, including large upgrades of Nordic hydropower.  Over this period the company also has ambitions to reach 6000 MW onshore wind and 2000 MW solar.

Norway remains the largest single market for investments, said the firm. Annual investments in the renewal of Norwegian hydropower plants amount to about NOK 1.2 billion alone. In addition, investments are planned in new, green business opportunities. The majority of growth will come in Europe, while substantial growth will be added to markets where Statkraft is already present in South America and India.

Statkraft is Europe's largest producer of renewable energy. The new strategy comprises developing, generating and trading energy, including purchasing and selling renewable power for other companies. In this way, the company hopes to strengthen Statkraft's position as a broad and leading renewable energy company.

 The investments will be financed partly from earnings from existing businesses supplemented by systematic divestments of shares in completed solar- and wind projects to financial investors. The investment program will be adapted to the company's financial capacity and rating objectives.

 "The combination of our unique portfolio of flexible hydropower, in-depth market understanding, innovative solutions, as well as our customers' increased interest in renewable energy make us a preferred partner for both producers and consumers of clean energy," says Christian Rynning-Tønnesen, CEO. "Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us.”