Norwegian energy giant, Statkraft AS, has unveiled an unprecedented investment plan, earmarking up to EUR 6 billion ($6.59 billion) for the enhancement of its hydro and wind power generation projects in Norway. In a recent press release, Christian Rynning-Tonnesen, the CEO of Statkraft, referred to it as the "largest investment program of its kind in hydro- and wind power in Norway for decades."
The company aims to more than double its current wind power production, targeting at least 2,500 gigawatt hours. Additionally, Statkraft plans to add 1,500 to 2,500 megawatts in hydroelectric capacity. The bulk of the investment, ranging from EUR 1.8 billion to EUR 3 billion, will focus on upgrading hydropower plants, including the notable Alta, Aura, Mauranger, and Svean facilities.
A separate EUR 1.2 billion to EUR 2 billion has been allocated for the rehabilitation of dams and the modernization of old power plants from 2024 to 2030, aiming to fortify facilities against extreme weather and potential threats. Another EUR 1 billion is set aside for onshore wind farm renewal and construction.
Statkraft's ambitious move aligns with Norway's goal of adding 30 gigawatts of offshore wind power by 2040. However, according to Birgitte Ringstad Vartdal, Statkraft's Executive Vice President for the Nordic region, "Onshore wind is the technology that can provide us with new power in the fastest and cheapest way before 2030."
In addition to national efforts, Statkraft and the Norwegian government have committed to the COP28 agreement, aiming to raise global renewable energy capacity to at least 11,000 GW by 2030. The company pledged an annual development rate of 4 GW of solar, wind, and batteries, emphasizing the pivotal role of hydropower in facilitating the transition to a net-zero future.
Source: rigzone.com