Norwegian energy company Statkraft is planning to invest Nkr10bn (€1bn) a year in renewable energy over the 2019-2025 period, targeting 6GW of wind and 2GW of solar.
The investment will also upgrade the company’s Nordic hydropower plants, as well as triple capacity managed on behalf of clients.
Norway will see 26% of the investment, with Nkr1.2bn a year alone invested on the renewal of the country’s hydropower assets.
The rest of Europe will receive the bulk of the remaining investment – 42% – with the remainder in other markets, such as India and South America, Statkraft said.
Investments will be financed partly from earnings from existing businesses supplemented by divestments in completed solar and wind projects to financial investors.
Statkraft chief executive Christian Rynning-Tonnesen said: “The combination of our unique portfolio of flexible hydropower, in-depth market understanding, innovative solutions, as well as our customers’ increased interest in renewable energy make us a preferred partner for both producers and consumers of clean energy.”
“Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us.”