Norwegian state-owned energy provider, Statkraft has unveiled a new plan to invest heavily in wind and solar in the period 2019-2025. In a short statement, the company said that through the new NOK 10 billion ($1.23 billion) plan, it hopes to reach 6 GW of onshore wind and 2 GW of solar by 2025.
“The majority of growth will come in Europe, while substantial growth will be added to markets where Statkraft is already present in South America and India,” said the company. Investments in Norway are expected to represent 26% of total investments, while other European countries and investments outside Europe are planned to have a share of 42% and 32%, respectively.
“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,” Statkraft further explained.
Statkraft was one of the first conventional power producers to invest in solar energy, with the construction a 3.3 MW solar power plant in Italy in 2010, during the time of the generous incentives of the Conto Energia scheme. Since then, the company has entered the solar markets of India, the United Kingdom, the Netherlands, and Spain, among others.
It currently operates 335 hydro, wind and gas power facilities with a total installed capacity 19.08 GW and owns shares in 17 district heating plants with an installed capacity 789 MW. Of this capacity, around 68% is located in Norway. Overall, Statkraft operates across 16 countries and has around 3,500 employees.