Statkraft Unveils €6bn Investment Plan to Upgrade Norwegian Hydro and Boost Wind Power

Credit: Statkraft

Norwegian energy company has revealed plans to invest up to €6 billion in a comprehensive upgrade and expansion initiative for its hydro and wind power facilities. The substantial investment program includes €1.8 billion to €3 billion earmarked for the modernization and transformation of existing hydroelectric power plants in .

A significant portion of the investment, approximately €1 billion, will be directed towards the renewal of existing and construction of new onshore wind farms. This strategic move is projected to more than double the current wind power production, generating over 2500GWh, and increasing capacity by up to 2500MW in hydroelectric power plants.

See also: Statkraft Announces Ambitious Plans to Develop 2GW of Wind and Solar Capacity in Germany

Statkraft has initiated the concession and planning process for the Moifjellet 260MW wind power project in Rogaland, signaling its commitment to onshore wind development. Repowering efforts will encompass wind farms in Central and Northern Norway, including Smola, Hitra, and Kjollefjord, with an estimated production increase of around 40%.

The company is actively exploring four potential wind power projects in Finnmark, Northern Norway, as part of its broader wind energy expansion strategy.

While acknowledging the crucial role of new wind power in meeting future energy needs, Statkraft underscores the enduring significance of as the backbone of Norway's energy system. Major upgrades for hydropower plants, including those in Mauranger, Aura, Alta, and Svean, are planned in the coming years.

See also: Statkraft Secures 260 MW Wind Farms in Brazil from EDP Renovaveis for USD 323.5 Million

In addition to facility upgrades, Statkraft will allocate up to €2 billion between 2024 and 2030 for the rehabilitation of dams and the modernization of older power plants. This investment aims to enhance facility resilience against extreme weather events, flood damage, and potential security threats.

Statkraft CEO Christian Rynning-Tonnesen described the initiative as the “largest investment program of its kind in hydro- and wind power in Norway for decades.” He emphasized its substantial contribution to Norway's energy transition, anticipating positive effects on the Nordic and markets.

Birgitte Ringstad Vartdal, Statkraft's Executive Vice President for the Nordic region, highlighted the complexity of hydropower projects and the need for a predictable regulatory framework, concessions, and community engagement. She emphasized the importance of onshore wind technology in swiftly providing new power before 2030, supporting industrial development and emission reduction goals.

See also: Statkraft and CIP secure 500 MW in Ireland's first offshore wind auction

Statkraft is engaged in discussions with various stakeholders, including landowners, municipalities, and affected parties, as it explores numerous wind power projects across Norway.

Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use

Support Renewable Energy News!

At EnergyMagz, we believe that reliable, up-to-date news on renewable energy is vital for driving the world toward a sustainable future. By contributing, you’re not only supporting quality journalism, but also helping to shape the world’s transition to greener solutions.
DONATE  NOW
Every contribution, no matter the size, makes a difference.
close-link