Norway

Norway

Statkraft puts a stop to future Norwegian wind

Statkraft will not pursue wind power development in its native Norway following completion of the 1GW-plus Fosen and two other licensed wind farms, citing profitability concerns.

The 256MW Roan project is part of the 1GW-plus Fosen complex, in which Statkraft owns a 52% stake
The 256MW Roan project is part of the 1GW-plus Fosen complex, in which Statkraft owns a 52% stake

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In a statement to Windpower Monthly, the developer explained that it expects developing profitable projects in the Norwegian market to be "very challenging", but did not justify this decision further.

The developer had previously announced plans to invest about NOK 10 billion (€1.04 billion) in renewables each year between 2019 and 2025, with Norway remaining the largest single market for investments (26%).

The company added that it would now focus its investments in onshore wind in other markets. Statkraft had previously highlighted that it would target growth in the European, South American and Indian markets.

By the end of this period it had intended to reach a gross capacity of 6GW of onshore wind — up from just under 1GW in 2018.

Sharing media reports of its decision, the developer tweeted: "Statkraft concentrates on developing the very best wind power projects in Norway and Sweden, but is not actively looking for new projects."

The company confirmed media reports of its plans to stop further activities in Norwegian onshore wind to Windpower Monthly, but has not confirmed whether it would also exit the Swedish market.

Last year, its wind power business returned to profit and more than tripled its investments to NOK 1.6 billion.

This was mostly due to spending on the Fosen complex, in which Statkraft owns a 52% stake, and is due to be completed in the third quarter of 2020.

Statkraft quit offshore wind in December 2015, claiming the sector was too "capital intensive".

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