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Norway’s Statkraft To Invest $8 Billion In Renewables

Norway’s state-owned power company Statkraft announced earlier in the month that it intends to invest heavily in renewable energy both in Norway and abroad, to the tune of 60 billion kroner, or just over $8 billion USD.


Monjolinho hydropower plant, Brazil, via Statkraft

The announcement comes following the Norway Government’s decision to bolster the energy company’s equity by 5 billion kroner, pushing Statkraft’s total equity to 10 billion kroner. Norway’s Ministry of Trade, Industry and Fisheries also announced that it will reduce its overall dividend from Statkraft by 5 billion kroner over the 2016–2018 period.

“Statkraft has a long-term ambition to grow as an international company within clean energy,” stated Statkraft CEO Christian Rynning-Tønnesen. “In addition to implementing the investment decisions we have made, we are working on concrete projects in all countries where we operate. The projects are primarily within hydropower and wind power, but we are also exploring opportunities within solar energy and biomass.”

Norway has been something of a quiet achiever of late, with several key decisions being made that herald a definite change in the country’s status-quo towards energy development. This shift is supported by a number of projects Statkraft is already working on at home, and abroad.

Hydropower in Turkey and Peru


Kargi hydropower project, Turkey, via Statkraft

In its press release announcing the government’s decision and its own plans to invest, Statkraft made mention of several projects currently in various stages of development.

Statkraft is currently looking forward to the opening of two new hydropower plants, one in Turkey and one in Peru.

The Kargi hydropower plant, which is being built in the Corum province of northern Turkey, is set to have an installed capacity of 102 MW, and be able to generate enough electricity to supply 150,000 households.


Cheves hydropower project, Peru, via Statkraft

The second hydropower plant, Cheves, is being constructed in the Peruvian Andes as part of the UN’s Clean Development Mechanism. Cheves will have a capacity of 168 MW and will generate 840 GWh of clean hydropower each year, enough to replace fossil fuel–burning thermal power plants, and reduce the country’s greenhouse gas emissions by 394,000 tonnes each year.

Statkraft is currently the fifth-largest power produce in Peru, and in addition to the Cheves project, the company is currently deciding whether to continue with the Rapay hydropower project, which is being developed in two phases and could yield as much as 162 MW upon completion.

Future Projects

In addition to further projects in Peru, Statkraft is looking to possibly develop projects in India and Brazil, as well as a new wind power project at home.

Statkraft is currently working with Tata Power to develop a 420 MW hydropower project in India, to be located in Himachal Pradesh.

At home, a major wind power project is being planned and Statkraft is investigating whether it will invest in the project. The Fosen/Snillfjord project could be one of the largest ever investments in mainland Norway for Statkraft, and it is currently working with its partners in Fosen Vind AS to prepare the necessary documentation.

Investing in Renewables

Since 2010, Statkraft has invested more than 27 billion kroner in renewable energy, including several billion in upgrades and maintenance of hydropower plants in Norway.

Norway as a whole has also been making similar investment decisions. In early December, Norway’s $870 billion sovereign wealth fund announced the findings of a government commission of its current coal, oil, and gas investments, stating that the sovereign wealth fund would start excluding the worst climate offenders from the fund on a “case-by-case basis.”

“We believe active ownership and engagement are appropriate primary tools for the [fund] to use to address climate-related issues,” the Ministry of Finance wrote in a press release.

This news came only a few days after the country’s largest pension fund manager, KLP, announced that it would be completely divesting itself from coal energy investments, to the tune of approximately 500 million kroner. The subsequent cash will be diverted to renewable energy investments.

These announcements are part and parcel of what helped Norway achieve second rank in the latest Global Green Economy Index released by Dual Citizen. Norway received high marks in both the perception and performance rankings. Dual Citizen wrote that “despite being a significant exporter of oil and gas, Norway takes care of its green economy at home, and our survey respondents clearly applaud these efforts.”

Norway has a bit more work to do, needing to grow somewhat in the Markets & Investment category. According to Dual Citizen, the country did not place above other Nordic states as an attractive target for green investments, but with the aforementioned investments and investment announcements, Norway is certainly on its way to addressing these concerns.

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