Norway

Norway

Statkraft plans 6GW onshore wind by 2025

NORWAY: Statkraft plans to invest around NOK 10 billion (€1.04 billion) in renewable energy each year between 2019 and 2025 and to reach a gross capacity of 6GW of onshore wind by this date.

Statkraft's 150MW Smøla wind farm in eastern Norway
Statkraft's 150MW Smøla wind farm in eastern Norway

It also plans "large upgrades" in Nordic hydropower, and intends to reach 2GW solar by 2025, it added.

The utility’s native Norway will remain the largest single market for investments (26%), it stated. The majority of growth will come in Europe (68% including Norway, 42% outside Norway), while substantial growth will also be made in South American and Indian markets, where it is already active, the company added.

Statkraft currently has net ownership of 794MW and gross owenership of 937MW of operational onshore capacity, according to its website.

It owns a majority stake (52.1%) in the 1,056MW Fosen Vind project in Norway, which is under construction. It did not provide details of any other sites to be included in the planned onshore wind expansion.

Statkraft plans to partly finance the NOK 10 billion annual investments with earnings from existing businesses and with strategic divestment of shares in completed wind and solar projects to financial investors.

CEO Christian Rynning-Tønnesen will present this new strategy during the company’s annual conference at its headquarters in Oslo this afternoon (26 September). 

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