Statkraft unveils landmark investment in Norwegian hydro and wind power

In a move set to transform Norway‘s renewable energy sector, Statkraft, Europe’s largest renewable energy generator, has announced plans to invest up to six billion euros in enhancing its Norwegian hydro and wind power facilities. This ambitious initiative, comprising the construction of new onshore wind farms and upgrades to existing hydro power infrastructure, represents a historic commitment to renewable energy development in Norway.

Major Contribution to Norway’s Green Transition and Energy System

Christian Rynning-Tønnesen, CEO of Statkraft, underscores the significance of this development: “Statkraft is presenting the largest investment program 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.” The investment will focus on a range of enhancements, including the upgrading and transformation of Norwegian hydroelectric power plants, rehabilitation of dams, and modernization of older power plants, as well as the renewal and construction of new onshore wind farms.

Statkraft Announces Record Investment in Norwegian Hydro and Wind Power

Investment Breakdown: A Future of Increased Capacity and Modernization

The proposed investment is distributed across several key areas: upgrades and transformations of hydroelectric power plants will receive 1.8 to 3 billion euros, while 1.2 to 2 billion euros are allocated for the rehabilitation of dams and the modernization of older facilities. Additionally, around 1 billion euros are earmarked for the renewal and construction of new onshore wind farms. This extensive program is expected to more than double the current wind power production to 2,500 GWh and increase the capacity of hydroelectric power plants by 1,500-2,500 MW, amounting to over a 20% increase in installed capacity.

Statkraft’s Strategic Plans for Hydro and Wind Power Enhancements

Statkraft has outlined major upgrades for several hydropower plants in the coming years, including Mauranger, Aura, Alta, and Svean plants located in Western, Central, and Northern Norway. Birgitte Ringstad Vartdal, Statkraft’s Executive Vice President for the Nordic region, emphasized the complexity and importance of these projects: “We are working to mature the best hydropower projects. These are large and complex, and take a long time to develop and build. All projects will depend on a predictable regulatory framework, getting the necessary concessions, the level of power demand, and a good dialogue with local communities.”

Enhancing Resilience and Security in Power Production

Furthermore, Statkraft is investing up to two billion euros between 2024 and 2030 in the rehabilitation of dams and modernization of older power plants. This initiative aims to ensure continued cost-effective and regulated power production while making the facilities more robust against extreme weather, handling of damage floods, and terrorist threats.

Expanding Norway’s Wind Power Capabilities

As Norway’s largest producer of wind power, Statkraft has extensive plans for both repowering existing wind farms and developing new projects. “We have fantastic wind resources in Norway. Onshore wind is the technology that can provide us with new power in the fastest and cheapest way before 2030. We should therefore develop the best wind projects so that we can contribute to both industrial development and emission cuts,” says Vartdal. The company is in the process of planning and seeking concessions for the Moifjellet 260 MW wind power project in Rogaland and repowering the Smøla, Hitra, and Kjøllefjord wind farms in Central and Northern Norway, which is estimated to increase production by around 40 percent.

Statkraft’s comprehensive investment program in Norway’s hydro and wind power sector marks a significant step towards enhancing the country’s renewable energy capacity and contributing to the global effort towards a sustainable, net-zero future. The strategic focus on upgrading existing infrastructure and developing new renewable energy sources positions Statkraft as a key player in shaping the future of energy in Norway and beyond.