Statkraft plans record €6 billion investments in Norwegian hydro, wind power

Europe’s largest renewable energy generator, Statkraft, is planning to invest up to €6 billion for upgrades to its Norwegian hydro and wind power facilities and the construction of new onshore wind farms, the company announced on Monday.

The investment program will include between €1.8 and €3 billion in upgrades to Norway’s hydroelectric power plants. Between €1.2 and €2 billion will be designated for the rehabilitation of dams and the modernization of older power plants, and around €1 billion will be allocated for the renewal of existing and the construction of new onshore wind farms.

New wind power and hydropower will continue to be the backbone of the Norwegian energy system in the plan to more than double the current wind power production to 2,500 gigawatt-hours (GWh) and with a 20% increase in hydroelectric power, equivalent to 1,500–2,500 megawatt-hours (MW).

‘Statkraft plans for major upgrades of hydropower plants in the coming years. These include Mauranger, Aura, Alta and Svean plants in the western, central, and northern parts of Norway,’ the statement read.

In addition, Statkraft said it would invest up to €2 billion in the 2024–2030 period for the rehabilitation of dams and the modernization of older power plants to ensure continued cost-effective and regulated power production.

• gigawatt-hours (GWh)
• megawatt-hours (MW).