- The company plans to have 30 GW of newly installed capacity by 2030
- 2 GW of green hydrogen by 2030 and at least five major hydropower projects by 2030
StatKraft, a Norwegian power producer, has increased its annual renewables build-out rate. The company did this in a bid to have 30 GW of newly installed capacity by 2030. The company has also effected some changes to support its growth plans.
While announcing the updated strategy, the company revealed that the annual growth rate for onshore wind, solar and battery storage is increased to 4GW in 2030 from 2.5 to 3 GW in 2025. The development of the three technologies will be responsible for a major part of the growth.
The company also increased its hydropower, offshore wind and grind hydrogen targets. The plans include hydro upgrades and expansion in Norway. The company also plans on commencing at least five major hydropower projects by 2030, 2 GW of green hydrogen by 2030, and “an industrial role” within the offshore wind sector in Norway and Ireland.
The new capacity is expected to help the company increase its annual power generation by 50% from now to 100 TWh per year by the end of the decade.
The new strategy also includes Statkraft changing its corporate management structure by setting three geographical regions, namely, Nordic, Europe and International, as distinct business areas. It’s New Energy Solutions has also become a separate business unit and will encompass new energy transition opportunities such as green hydrogen.
“The need for renewable energy is increasing sharply, both to meet net-zero targets, cover new power consumption in Norway and strengthen European energy security. Combined with increased investment capacity, Statkraft is now boosting the pace of developing more renewable energy. As we look towards 2030, we raise our ambitions higher than ever with significantly higher growth ambitions across our geographies and technologies,” commented CEO Christian Rynning-Tønnesen.