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Statkraft is planning record investments in Norwegian hydro and wind power

08 Jan, 2024

Statkraft, Europe’s largest renewable energy generator, is planning to invest up to six billion euros in upgrades to its Norwegian hydro and wind power facilities and construction of new onshore wind farms.

”Today, Statkraft is presenting the largest investment program of its kind in hydro- and wind power in Norway for decades. This will be a major contribution to the energy system in Norway and to the green transition. It will also have positive effects on the Nordic and European energy markets,” says Christian Rynning-Tønnesen, CEO of Statkraft.

“The future power system in Norway and Europe will need both more power and increased flexibility. Phasing in more intermittent power such as wind and solar through increased capacity and flexibility in hydropower is key to succeed with the transition to a net zero future,” says Rynning-Tønnesen. 

The investment program will include:

  • 1.8 – 3 billion euros in upgrades and transformations of Norwegian hydroelectric power plants.
  • 1.2 – 2 billion euros in rehabilitation of dams and modernization of older power plants.
  • Around 1 billion euros in renewal of existing and construction of new onshore wind farms.
  • 2,500 GWh or more wind power production (more than double the current production).
  • 1,500-2,500 MW increased capacity in hydroelectric power plants (over 20% increase in installed capacity).  

The increased power needs of the future in Norway will mainly be covered by new wind power, but hydropower will still be the backbone of the Norwegian energy system with its unique features. 
Statkraft plans for major upgrades of hydropower plants in the coming years.  
These include Mauranger, Aura, Alta and Svean plants in Western, Central and Northern part of Norway. 
“We are working to mature the best hydropower projects. These are large and complex, and take a long time to develop and build. All projects will depend on a predictable regulatory framework, getting the necessary concessions, the level of power demand, and a good dialogue with local communities,” says Birgitte Ringstad Vartdal, Statkraft’s Executive Vice President for the Nordic region.  
In addition, Statkraft will invest up to two billion euro in the period 2024-2030 in the rehabilitation of dams and modernization of older power plants to ensure continued cost-effective and regulated power production. The investments will make the facilities even more robust against extreme weather, handling of damage floods, and terrorist threats. 

Investments in wind power  

Statkraft is Norway’s largest producer of wind power, and has extensive plans for both repowering of existing wind farms and new developments.  

“We have fantastic wind resources in Norway. Onshore wind is the technology that can provide us with new power in the fastest and cheapest way before 2030. We should therefore develop the best wind projects so that we can contribute to both industrial development and emission cuts,” says Vartdal.  

Statkraft has started the concession and planning process to build the Moifjellet 260 MW wind power project in Rogaland. Repowering includes the Smøla, Hitra and Kjøllefjord windfarms in Central and Northern parts of Norway with an estimated increase in production of around 40 percent.  
Statkraft is at this moment looking at four possible wind power projects in Finnmark, Northern Norway. 
“Development of new wind farms in Finnmark depends on access to a limited grid capacity, concessions, and that we are able to find good solutions with local stakeholders and interests, such as reindeer herders,” says Vartdal.  

Statkraft is also considering many new wind power projects throughout Norway and has a good dialogue with landowners, municipalities, and affected stakeholders.  

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  • Statkraft's CEO being interviewed by a journalist
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For further information, please contact:

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Marte Lerberg Kopstad
International Media Relations Lead