Statkraft to Invest Up to $6.6 Billion in Hydro and Wind Power Enhancements

OSLO, (Natural Energy News): Norway's leading state-owned renewable power producer, Statkraft, unveiled ambitious plans on Monday to invest up to 6 billion euros ($6.56 billion) in the enhancement of its domestic hydro and wind power facilities. This strategic initiative also includes the construction of new onshore wind farms, aiming to double the current output from wind farms and significantly augment the effectiveness of the company's hydroelectric power plants.

The proposed investment is expected to contribute an additional 3 terrawatt hours (TWh) of electricity output, reinforcing Statkraft's position as a major player in the renewable energy sector. During a press conference held in Oslo, the company outlined its commitment to advancing sustainable energy solutions.

Statkraft's investment strategy encompasses a comprehensive approach, with allocations ranging from 1.8 billion to 3 billion euros dedicated to the upgrading of hydroelectric plants. An additional 1.2 billion to 2 billion euros will be directed towards the rehabilitation of older dams and plants, while around 1 billion euros is earmarked for the renewal and construction of onshore wind farms.

Nordic operations chief, Birgitte Ringstad Vartdal, emphasized that the successful execution of these projects depends on several factors, including a predictable regulatory framework, obtaining necessary concessions, managing power demand levels, and fostering positive dialogue with local communities.

Norway, traditionally boasting a surplus in electricity supply, faces a potential shift as demand growth—driven by the electrification of industry and transport—threatens to outpace new generation additions as early as 2028. Statkraft's proactive investment plans align with the evolving energy landscape and aim to address the growing demand while contributing significantly to the nation's renewable energy capacity.

Statkraft's commitment to renewable energy expansion had previously been impacted by the Norwegian government's decision in 2022 to curb profits during Europe's energy crisis. Despite this challenge, the company remains steadfast in its mission to propel Norway's renewable energy capabilities, making substantial strides towards a sustainable and resilient energy future.