Norwegian power producer Statkraft A/S has boosted its annual renewables build-out rate in the hope that it will have 30 GW of new installed capacity by 2030, and has made several corporate changes to support its growth plans.
Announcing the updated strategy on Tuesday, Statkraft said that the annual growth rate for onshore wind, solar and battery storage is increased to 4 GW in 2030 from 2.5-3 GW in 2025. The development linked to these three technologies will account for a significant part of the growth.
Statkraft said it also raised ambitions for hydropower, offshore wind and green hydrogen. These plans include hydro upgrades and expansion in Norway, and starting at least five major hydropower projects by 2030, 2 GW of green hydrogen by 2030, and “an industrial role” within the offshore wind space in Norway and Ireland.
The company expects the new capacity to help it increase annual power generation by 50% from today to around 100 TWh/year by the end of the decade.
As part of the new strategy, Statkraft also changed the structure of the corporate management by setting up three geographical regions -- Nordic, Europe and International -- as separate business areas. Also, New Energy Solutions has become a separate business area, 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.
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