Renewable

November 25 (Renewables Now) - Norwegian state-owned utility Statkraft AS has set up a wind and solar power development business in Spain and Portugal eyeing new projects and growth in the Iberian Peninsula.

The company said Monday it plans to develop onshore wind and solar projects solo or in partnerships, while also looking for opportunities for mergers and acquisitions.

Spain is of particular interest to Statkraft as its estimated growth targets of 17 GW of onshore wind and 18 GW of solar by 2025 make it one of the core target markets for the company, Statkraft's newly-appointed Head of Wind and Solar Iberia, Luis Miguel Alvarez, said in a statement.

Statkraft made its first business move in the Iberian market in March 2018 when it signed a 15-year power purchase agreement (PPA) with Germany’s BayWa r.e. renewable energy GmbH for the output of the 170-MWp Don Rodrigo solar project in Spain. A year later, it opened an office in Madrid to get ahead of the renewable PPA business in Southern Europe.

Globally, Statkraft is pursuing 6 GW of onshore wind and 2 GW of solar installations by 2025.