Norway’s state-owned electricity company Statkraft announced that it is planning to invest approximately NOK 10 billion ($1.23 billion) between 2019 and 2025 with an aim of installing 6 gigawatts (GW) of onshore wind and 2 GW worth of solar.
As Europe’s largest generator of renewable energy, Statkraft announced on Wednesday that it intends to go further still, setting itself a goal of investing approximately NOK 10 billion into renewable energy — both in Norway, Europe, and around the world — and an aim of installing 6 GW worth of onshore wind and 2 GW worth of solar by 2025 (which includes 1 GW worth of current wind energy capacity and another 1 GW already under construction).
In addition, Statkraft has made promises to make large upgrades to its Nordic hydropower capacity which, according to a Statkraft spokesperson, involves upgrading the company’s oldest hydropower plants to be able to “last for another 50 years” with “yearly (re)investments of approximately NOK 1.5 billion.”
Most importantly, however, is the promise that Statkraft “will not invest in gas in the future. All investments will be in renewable energy, mainly hydro, wind, and solar.”
“The combination of our unique portfolio of flexible hydropower, in-depth market understanding, innovative solutions, as well as our customers’ increased interest in renewable energy make us a preferred partner for both producers and consumers of clean energy,” said Christian Rynning-Tønnesen, Statkraft’s CEO. “Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us.”
Statkraft will seek to direct over a quarter (26%) of its intended investments into projects in Norway, 42% to projects across Europe (excluding Norway), and 32% outside of Europe. The company also intends to purchase and sell renewable power for other companies as well.
Statkraft has its fingers in a number of renewable energy project pies across Europe, including several large-scale offshore wind farms such as its first such project, the 317 megawatt (MW) Sheringham Shoal Offshore Wind Farm off the coast of Norfolk, England, as well as its involvement in the Forewind consortium which, in December of 2009, was awarded the license to develop the Dogger Bank offshore wind zone with potential capacity of as much as 9 to 13 GW. Statkraft, along with co-developers Statoil and Masdar, also completed the 402 MW Dudgeon Offshore Wind Farm in late 2017, located off the coast of Norfolk, England.
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