Norway

Norway

Statkraft raises 2030 renewables goals to boost energy security in Europe

Norwegian developer updates renewables targets citing the need for net zero and energy security in Europe

Statkraft believes it is on track to meet its goal of having developed 9GW of new renewables capacity by 2025
Statkraft believes it is on track to meet its goal of having developed 9GW of new renewables capacity by 2025

Norwegian state-owned power firm Statkraft has set itself a goal of having developed 30GW of new renewable capacity by 2030 and boosting its annual power generation by 50% to 100TWh in the same timeframe.

The firm stated “a significant part of the growth” is accelerating the addition of onshore wind, solar and battery storage in existing markets. It aims to be adding 2.5-3GW of extra capacity from 2025 and then 4GW each year from 2030. 

In its first-quarter results presentation, Statkraft announced that it is on track to meet its goal of having developed 9GW of new renewables capacity by 2025, of which 3.4GW is completed or under construction. It reported a doubling of quarterly profits in Q1 2022.

Statkraft is targeting offshore wind farms off Ireland and Norway, altogether totalling about 4.3GW.

It hopes to build about 1.3GW in the Irish Sea, and is bidding for seabed leases that could support about 3GW of offshore wind capacity off Norway.

Statkraft is also planning five new hydropower projects in Norway by 2030, and is targeting 2GW of green hydrogen production capacity by 2030.

Statkraft CEO Christian Rynning-Tønnesent said: “The need for renewable energy is increasing sharply, both to meet net zero targets, cover new power consumption in Norway and strengthen European energy security.

“[We now have] significantly higher growth ambitions across our geographies and technologies.”

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