Statkraft Announces Major Investment of Up to $6.6 Billion in Hydro and Wind Power

Norway’s state-owned renewable power producer, Statkraft, revealed on Monday its ambitious plans to invest up to 6 billion euros ($6.56 billion) in enhancing its domestic hydro and wind power capabilities. The proposed investments include substantial upgrades to existing facilities and the construction of new onshore wind farms.

This strategic initiative is expected to effectively double Statkraft’s current wind farm output and enhance the efficiency of its hydro power plants, contributing an additional 3 terrawatt hours (TWh) of electricity output. The company shared these plans during a press conference held in Oslo.

Statkraft’s investment breakdown includes allocating between 1.8 billion and 3 billion euros for the upgrades of hydroelectric plants, 1.2 billion and 2 billion euros for the rehabilitation of older dams and plants, and approximately 1 billion euros for the renewal and construction of onshore wind farms.

Nordic operations chief Birgitte Ringstad Vartdal emphasized that the success of all these projects relies on factors such as a predictable regulatory framework, obtaining necessary concessions, power demand levels, and maintaining positive communication with local communities.

Norway, traditionally known for its surplus electricity supply, anticipates a significant shift as early as 2028. The demand surge from electrifying industries and transportation is poised to surpass the additions to new power generation capacity.

Statkraft had initially unveiled plans to upgrade its Mauranger hydro plant in western Norway. However, several projects were put on hold following the Norwegian government’s decision in 2022 to curb profits amid Europe’s energy crisis. The company remains committed to navigating these challenges while contributing substantially to the renewable energy landscape.

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