Statkraft is developing a strategy for further growth

Statkraft will prioritize the development of its core business and optimize its portfolio through selective divestments.

The tightened strategy will prioritize investments in Norwegian hydropower, market operations and growth in solar, wind and batteries in Europe and select international markets. Statkraft will continue to build options in offshore wind and hydrogen, but plans to divest its heating business and find investors in biofuel company Silva Green Fuel and electric vehicle charging company Mer.

“In recent years, Statkraft has built a strong position and an attractive portfolio of profitable renewable energy projects. The transition from fossil energy to renewable energy is happening at an accelerating pace in Europe and around the world. We have a strong competitive advantage and have created tremendous value over time. However, market conditions for the entire renewable energy industry have become more challenging. We are therefore refining our strategy to allocate capital to opportunities that generate the greatest value and are the best strategic fit,” says Birgitte Ringstad Vartdal, president and CEO at Statkraft.

In recent years, Statkraft has built a significant portfolio of operating power plants with a total capacity of 21 GW, as well as a flexible net development portfolio of profitable projects with a total capacity of 21 GW.

Statkraft announced large investments for the coming years, with a record level of over NOK 30 billion in 2024, including, among others: the acquisition of the Spanish renewable energy company Enerfin, which was completed in May. In Norway, Statkraft has a record long-term investment program in wind and hydropower, including five major capacity expansion projects.

At the same time, the entire energy market has become more difficult. Energy prices are lower and technology and capital costs have increased. Market regulations and support policies are lagging and geopolitical uncertainty has increased.

The tightening of the growth strategy follows Statkraft’s annual strategic review, the first in which Ringstad Vartdal became president and CEO. The fundamental drivers of the energy transition continue to support Statkraft’s growth strategy. Strong growth in demand for solar and wind energy, driven by low technology costs, increased need for flexibility in the power system and greater market complexity, are factors that fit well with Statkraft’s position and competitive advantages.

“Statkraft has a unique and strategic position in flexible manufacturing, experience with weather systems, and strong analytical and market competencies. Combined with a competent and motivated organization, this makes the company well-prepared to grow, build scale and compete in the rapidly growing renewable energy market,” says Birgitte Ringstad Vartdal, president and CEO at Statkraft.

Statkraft’s growth strategy continues to be based on four pillars: Ensuring clean flexibility – harnessing hydropower, developing solar, wind and battery storage, delivering green market solutions to customers, and scaling new green energy technologies.

The tightened strategy means that Statkraft:

• Prioritize value creation across Statkraft’s core businesses, hydropower and market operations. Statkraft will be the largest hydropower company in Europe and will initiate at least five major capacity modernization projects in Norway by 2030. Statkraft refines its strategy for further growth
• Be a major developer of solar, onshore wind and battery storage with an annual development rate of 2-2.5 GW from 2026 and beyond (previous target was 2.5-3 GW from 2025 and 4 GW from 2030 .). Statkraft will take on an industrial role in the offshore wind industry in Northern Europe – aiming to develop 6-8 GW by 2040 (previous target was 10 GW).
• Contribute to an efficient energy market, enable the green transition for industrial customers and be a leading market solutions provider in Europe with significant global reach.
• Develop new green energy businesses, including becoming an industrial developer of green hydrogen with a target of delivering 1-2 GW by 2035 (previous target was 2 GW by 2030).

“With a sharpened strategy, we are well equipped to ensure both good value creation for the owner and to be a strong driver of the energy transition in Norway, Europe and the world,” says Birgitte Ringstad Vartdal.

For further information please contact:

Media:

Spokesperson Lars Magnus Günther, tel: +47 912 41 636, e-mail: [email protected]
Vice President Torbjørn Steen, tel: +47 911 66 888, e-mail: [email protected]

Debt capital markets:

Vice President Stephan Skaane, tel: +47 905 13 652, e-mail: [email protected]
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: [email protected]

or www.statkraft.com

About Statkraft

Statkraft is a leading international hydropower company and Europe’s largest renewable energy producer. The Group produces hydropower, wind, solar, gas and district heating. Statkraft is a global energy operations company. Statkraft employs over 6,000 people in over 20 countries.