Statkraft Refines Strategy for Accelerated Growth

Statkraft has refreshed its investment strategy.The refined strategy will prioritize investments in Norwegian hydropower, market operations, and the expansion of solar, wind, and battery projects in Europe and select international markets. Statkraft will continue to explore opportunities in offshore wind and hydrogen, while planning to divest its district heating business and seek investors for its biofuels company, Silva Green Fuel, and its EV charging company, Mer.

“Statkraft has in recent years built a strong position and an attractive portfolio of profitable renewable projects. The transition from fossil to renewable energy is happening at an increasing pace in Europe and the rest of the world. We have strong competitive advantages and have delivered great value creation over time. However, the market conditions for the entire renewable energy industry have become more challenging. We are therefore sharpening our strategy to allocate the capital to the most value-creating opportunities with the best strategic fit,” said President and CEO Birgitte Ringstad Vartdal in Statkraft.

“Statkraft has a unique and strategic position in flexible production, experience with weather-based systems, and strong analysis and market competencies. Together with a capable and motivated organisation, this makes the company well prepared to grow, build scale and compete in a rapidly growing renewable market,” added Ringstad Vartdal.

Statkraft has built a substantial portfolio of power plants with a total capacity of 21 GW and a development portfolio of profitable projects also totaling 21 GW. The company has committed to significant investments over the next few years, including a record-high investment of more than NOK 30 billion in 2024 and the acquisition of the Spanish renewables company Enerfin. In Norway, Statkraft’s long-term investment program focuses on wind and hydropower, with five major capacity upgrade projects. The objective of the refreshed strategy is as follows:

Hydropower and Market Operations: Prioritize value creation from Statkraft’s core businesses, aiming to become the largest hydropower company in Europe and initiate at least five major capacity upgrade projects in Norway by 2030.

Solar, Wind, and Battery Storage: Develop solar, onshore wind, and battery storage at an annual rate of 2-2.5 GW from 2026 onwards, and target developing 6-8 GW of offshore wind in Northern Europe by 2040.

Energy Market Efficiency: Support an efficient energy market, aid industrial customers in their green transition, and lead in market solutions across Europe with significant global reach.

Green Hydrogen: Develop new green energy businesses, targeting the delivery of 1-2 GW of green hydrogen by 2035.