Statkraft has announced that it will focus its investments on fewer countries to build scale and strengthen competitiveness and value creation.
The company intends to prioritise investments in Norwegian hydropower and in global market operations.
It will grow solar, wind, and battery storage in the Nordics, Europe and South America, increasing the annual delivery rate to 2-2.5GW from 2026
Statkraft also plans to gradually pursue an industrial role within offshore wind in Northern Europe and build a position as an industrial developer of green hydrogen as the market matures.
As part of the sharpened strategy Statkraft announced in June this year, the company will divest its onshore wind, solar and battery business in the Netherlands and Croatia.
Over time, Statkraft will also divest its hydropower and solar assets in India, allowing the company to focus on markets in the Nordics, Europe, and South America.
Statkraft president and chief executive Birgitte Ringstad Vartdal (pictured), said: “Despite geopolitical tensions and inflation, the cost competitiveness of renewable energy is driving strong growth in all energy market scenarios as projected by Statkraft and other leading analysts, presenting profitable growth opportunities worldwide.
“Statkraft has built a strong position as Europe’s largest producer of renewable energy and a significant player in selected markets in South America, with an attractive portfolio of profitable renewable projects and a track record of profitable investments and solid returns.
“We have already sharpened our strategy to allocate capital to our core business, and now we are focusing our investments on fewer markets. This will build scale and strengthen our competitiveness and value creation.
“Statkraft has a profitable portfolio of renewable energy assets in operation, and an attractive project portfolio and organisational capabilities in India. However, realising further sustainable growth in the country will require major investments.
“Outside Europe we will dedicate new investments to South America, where the opportunities to achieve scale and leverage our core capabilities are strong.
“In Europe, we will continue to build a strong position in renewable energy. We are optimising the portfolio to build scale, strength, and profitability in high-potential markets.”
Statkraft’s assets and investment plans in the Nordics remain robust, including onshore wind development and five major capacity upgrade projects in Norwegian hydropower plants, the company added.
In offshore wind, Statkraft aims to develop 6 – 8GW with partners by 2040 in Northern Europe, and in hydrogen, the company aims to develop 1–2GW past final investment decision by 2035.