Statkraft has increased its annual growth rate for renewables to 4GW a year by 2030.
The strategy increases the annual growth rate for onshore wind, solar and battery storage from 2.5-3GW in 2025.
In addition, growth ambitions for hydropower, offshore wind and green hydrogen have been increased.
Statkraft aims to have developed 30GW of new renewable capacity by 2030, increasing its annual power generation by up to 50% from today, to around 100 terawatt-hours per year by the end of the decade, which would be almost three times the annual power consumption of Denmark.
Statkraft chief executive Christian Rynning-Tønnesen (pictured) said: “The need for renewable energy is increasing sharply, both to meet net zero targets, cover new power consumption in Norway and strengthen European energy security.
“Combined with increased investment capacity, Statkraft is now boosting the pace of developing more renewable energy.
“As we look towards 2030, we raise our ambitions higher than ever with significantly higher growth ambitions across our geographies and technologies.”
As part of the strategy, Statkraft is focusing on upgrading and expanding Norwegian hydropower with a goal of starting at least five major hydropower projects by 2030.
A “significant part” of the growth will be linked to the development of onshore wind, solar and battery storage, across all Statkraft markets.
Within offshore wind, Statkraft is pursuing an industrial role in Norway and Ireland.
Within green hydrogen Statkraft aims to be a leading developer in Norway and Sweden, and to broaden its geographical scope outside the Nordics.
The target is to develop 2GW of green hydrogen by 2030.
To support the updated strategy, Statkraft is also adapting the structure of its corporate management team by establishing the three geographical regions Nordic, Europe and International as separate business areas.
At the same time, New Energy Solutions is being established as a separate business area, to strengthen the activities to develop new business opportunities within the green energy transition.
“The changes will help us grow faster within hydropower, wind power, solar power and battery storage, first and foremost through better geographical coordination of our various activities. At the same time, we prioritize the development of new energy solutions, such as green hydrogen,” said Rynning-Tønnesen.
Effective 15 August 2022, the corporate management will include Rynning-Tønnesen (president and CEO), Anne Harris (chief financial officer and IT) and Jürgen Tzschoppe (executive vice president of New Energy Solutions).
After more than 20 years with the company, and 12 years as a member of Stakraft’s corporate management, Hilde Bakken is stepping down from her current role to seek opportunities outside Statkraft.
“I want to thank Hilde for her huge contribution to Statkraft’s achievements over two decades,” said Rynning-Tønnesen, adding: “I would also like to welcome Barbara Flesche and Ingeborg Dårflot as new members of the Corporate Management.
“I look forward to working closely with both on the delivery of our updated growth strategy.”