Statkraft, the state-owned Norwegian enterprise said to be Europe’s largest renewable energy generator, is planning to invest up to six billion euros in upgrades to its hydro and wind power facilities, and the construction of new onshore wind farms.
”Today, Statkraft is presenting the largest investment programme of its kind in hydro and wind power in Norway for decades. This will be a major contribution to the energy system in Norway and to the green transition. It will also have positive effects on the Nordic and European energy markets,” says Christian Rynning-Tønnesen, CEO of Statkraft.
The investment programme will include:
- 1.8 – €3 bn in upgrades and transformations of Norwegian hydroelectric power plants;
- €1.2 – 2 bn in rehabilitation of dams, and modernisation of older power plants;
- €1 bn in renewal of existing, and construction of new, onshore wind farms;
- 2500 GWh or more in wind power production (more than double the current production);
- 1500-2500 MW increased capacity in hydroelectric power plants (a 20% increase in installed capacity).
The increased power needs of the future in Norway will mainly be covered by new wind power, but hydropower will still be the backbone of the Norwegian energy system with its unique features. Statkraft plans for major upgrades of its hydro plants in the coming years. These include Mauranger, Aura, Alta, Svean plants in western, central and northern part of Norway.
In addition, Statkraft will invest up to €2 bn in the period 2024-2030 for the rehabilitation of dams and modernisation of older power plants to ensure continued cost-effective and regulated power production. The investments will make the facilities more robust against extreme weather, handling of damage floods, and terrorist threats.
Statkraft is Norway’s largest producer of wind power, and has extensive plans for both repowering of existing wind farms and new developments. It has started the concession and planning process to build the Moifjellet 260 MW wind power project in Rogaland. Repowering includes the Smøla, Hitra and Kjøllefjord windfarms in central and northern parts of Norway with an estimated increase in production of around 40 %. Statkraft is also looking at four possible wind power projects in Finnmark, northern Norway as well as many new wind power projects throughout Norway.
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