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