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Statkraft to invest $1.23 billion in renewables per year

Statkraft to invest $1.23 billion in renewables per year

The largest producer of renewable energy in Europe, which employs 3,500 people – aims to invest heavily in renewable energy between 2019 and 2025

In an announcement Wednesday, the state-owned energy firm said that it wanted to increase its onshore wind capacity to 6 GW by 2025. In addition, it wants to boost solar capacity to 2 GW, also by 2025.

Christian Rynning-Tonnese, Statkraft’s CEO, said in a statement: “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.”

Statkraft said that its investments would be financed, in part, through earnings from existing businesses, supplemented by “systematic divestments of shares in completed solar and wind projects to financial investors.”

Overall, Statkraft plans some $5.5 billion for investment in Europe over the seven-year period to 2025. It stated that Norway remained the largest single market for investments with a share round of around 26%. Statkraft operates over 200 hydro plants with almost 13 GW of capacity in Norway.

Additionally, investments are planned in new, green business opportunities, with the majority 42% planned for Europe, excluding Norway. Substantial growth will be added to markets where Statkraft is already present—like South America and India.

Statkraft also has an ambition to triple its renewable volumes managed on behalf of customers. The new strategy comprises developing, generation and trading energy—including purchasing and selling renewable power for other companies.

The investments will be financed partly from earnings from existing businesses supplemented by systematic divestments of shares in completed solar and wind projects to financial investors, it 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,” Statkraft CEO Christian Rynning-Tonnesen said.

Statkraft is Europe’s largest producer of renewable energy and is fully owned by the Norwegian state. It possessed a significant market presence, especially in Germany where it stands as the biggest market player for renewables based on its direct marketing portfolio of almost 10 GW.

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