Norwegian state-owned renewable power producer Statkraft announced in a press release that it plans to invest up to USD 6.56 billion to upgrade its domestic hydro and wind power facilities and develop new onshore wind farms.

The proposed initiatives would increase the efficiency of Statkraft's hydropower plants and double the company's current wind farm output, totaling approximately 3 terawatt hours (TWh) of additional electricity production. The investment programme includes

• USD 2–3 billion in upgrades to hydroelectric power plants
• USD 1-2 billion in the rehabilitation of dams and modernization of older power plants.
• USD 1 billion for the construction of new wind farms

Statkraft plans to upgrade major hydroelectric plants, such as Mauranger, Aura, Alta, and Svean, in the western, central, and northern parts of Norway. The investments will make the facilities even more robust against extreme weather and floods.

Statkraft is Norway’s largest producer of wind power. The company plans to upgrade the existing wind farms and develop new onshore wind farms. The Moifjellet 260 MW wind power project in Rogaland is already in the preliminary stages of development. Statkraft will repower the Smøla, Hitra, and Kjøllefjord windfarms in the central and northern parts of Norway.

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Additionally, Statkraft is seeking to establish four wind power projects in Finnmark, Northern Norway.
 

Nordic operations chief Birgitte Ringstad Vartdal stated that all the projects depend on the level of power demand and a good dialogue with the local communities.

About Statkraft

Statkraft is a Norwegian energy company that is the largest renewable energy producer in Europe. It was founded in 1905 and is headquartered in Oslo, Norway. Statkraft has operations in 18 countries and produces electricity from hydropower, wind, solar, gas, and biomass.

In 2022, Statkraft generated 166 TWh of electricity, of which 96 TWh were from renewable sources. The company's hydropower portfolio is the largest in Europe, with a capacity of 35 GW. Statkraft is also a leading producer of wind power in Norway, Sweden, and the United Kingdom. Some of the upcoming projects at Statkraft include:

• Tidong Hydropower Project, India
• Herøya Green Hydrogen Project in Norway
• 150 MW Solar Projects in India

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