Statkraft refines its accelerated growth strategy

Statkraft has refreshed its investment strategy. The improved strategy will prioritize investments in Norwegian hydropower, market activities and the development of solar, wind and battery projects in Europe and selected international markets. Statkraft will continue to explore opportunities in offshore wind and hydrogen, while also planning to divest its district heating business and seek investors for its biofuels business Silva Green Fuel and electric vehicle charging business 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,” said President and CEO Birgitte Ringstad Vartdal at Statkraft.

“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 develop, build scale and compete in the rapidly developing renewable energy market,” added Ringstad Vartdal.

Statkraft has built a significant portfolio of power plants with a total capacity of 21 GW and a development portfolio of profitable projects with a total capacity of 21 GW. The company has committed to significant investments in the next few years, including a record investment of over NOK 30 billion in 2024 and the acquisition of Spanish renewable energy company Enerfin. In Norway, Statkraft’s long-term investment program focuses on wind and hydropower and includes five major capacity expansion projects. The refreshed strategy aims to:

Hydropower and Market Operations: Prioritizing value creation from Statkraft’s core business areas. We aim to become the largest hydropower company in Europe and initiate at least five major power modernization projects in Norway by 2030.

Solar, wind and battery storage: Expansion of solar, onshore wind and battery storage at a rate of 2-2.5 GW per year from 2026, with a target of 6-8 GW of offshore wind in Northern Europe by 2040.

Energy Market Efficiency: Supporting an efficient energy market, helping industrial customers transition to a green economy and leading market solutions across Europe, with significant global reach.

Green Hydrogen: Developing new green energy businesses with the goal of delivering 1-2 GW of green hydrogen by 2035.

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