In an effort to enhance its domestic hydro wind power facilities and the construction of offshore wind farms in the country, Statkraft announced its plans to invest €6 billion in that regard in Norway.
The initiative underscores Statkraft’s dedication to potentially double its existing output from the wind farms, significantly enhancing the effectiveness of the company’s hydropower plants to bolster renewable energy infrastructure in the country.
Budget breakdown
During a press conference, it was announced that close to €1.8 billion ($1.9 billion) and €3 billion has been set aside by the company for the refurbishment and transformation of Norwegian hydroelectric plants.
About €1.2bn and €2bn will go towards the rehabilitation and modernisation of older hydropower stations, ensuring continued cost effectiveness and regulated power production, with works expected to be carried out between 2024 and 2030.
The company has also set aside €1 billion for the renewal and construction of new onshore wind farms, which is expected to double the wind power production to 2.5 terawatt hours.
Also read : Statkraft acquires Swedish wind duo
Location
The Mauranger, Aura, Alta and Svean plants in western, central and northern Norway are the hydropower plants to be upgraded under this initiative as Statkraft is exploring four potential wind power projects in Finnmark, Northern Norway.
While the company prepares for the future power requirements being primarily met through new wind power initiatives, it acknowledges hydropower as the fundamental backbone of the energy system, emphasizing its unique attributes.
Extreme weather, flood damage and potential security threats are some of the problems the project looks forward to enhance resilience against.
Capacity growth
Hydroelectric power capabilities are projected to see a growth of between 1.5 GW and 2.5 GW with this infusion, representing over 20% of installed capacity with this investment and refurbishment.
A 260 MW Moifjellet wind power project in Rogaland is in the planning process by Statkraft, repowering will increase production by 40%.
Statkraft Nordic region executive vice president Birgitte Ringstad Vartdal highlighted that they are working to develop the best hydropower projects. She added that these projects are big in scale, complex and time consuming to develop and build. The initiative will rely on a predictable regulatory framework, important concessions, the level of power demand and good discourse with local communities.
The company has also set aside €1 billion for the renewal and construction of new onshore wind farms, which is expected to double the wind power production to 2.5 terawatt hours.
Also read : Iberdrola To Hybridise Solar with Hydro In Spain
Birgitte Ringstad Vartdal echoed that there are fantastic wind resources in Norway and adaptation of onshore wind technology will enable the provision of new power in the fastest and cheapest way before 2030. She adds that they should therefore develop the best wind projects so that the company can contribute to both industrial development and emission cuts.
According to Christian Rynning-Tonnesen, Statkraft’s CEO, the program is the most substantial investment initiative in hydro and wind power ever witnessed in Norway for decades. He added that this underscores the company’s significant role in the country’s energy system and the broader transition towards sustainability.
About Statkraft
Statkraft is a global player in energy market operations and has 3,800 employees in 16 countries. Statkraft’s power production takes place in Europe, Asia and South America and about 96 percent of its annual power production of 63 TWh is based on renewable energy sources.
