Statkraft relies on divestments to buoy wind profits

NORWAY: Statkraft managed to push its wind business into profit in the third quarter through the sale of a portion of its holdings in onshore wind projects.

Statkraft sold the Baillie project in July
Statkraft sold the Baillie project in July

The division booked an operating profit of NOK 963 million (EUR 112 million) compared with a loss of NOK 292 million a year earlier. This was despite a revenue increase of only 1% to NOK 169 million.

This seeming disparity is explained by Statkraft's sale in July of 49% of its holdings in the Alltwalis,
Baillie and Berry Burn onshore wind projects in the UK, totalling 142MW, to Gingko Tree Investment.

Statkraft made accounting gains of NOK 1063 million from the sale.

The company invested NOK 1.2 billion in new wind capacity over the quarter. This largely relates to the 369MW of projects Statkraft is building in Sweden.

Generation from its wind projects stayed steady at 0.3TWh over the period, but increased to 1.2TWh for the year to date, from 0.9TWh over the same period last year.

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