Statkraft Increases Renewable Energy Targets, Chases Faster Growth

Norway’s state owned renewable energy player Statkraft has updated its growth strategy for renewable energy with a new, more ambitious targets towards 2030. The official statement of Statkraft reveals that the strategy increases the annual growth rate for onshore wind, solar and battery storage from 2.5-3 GW in 2025 to 4 GW in 2030.

Statkraft has also heightened the growth ambitions for it’s erstwhile mainstay hydropower, offshore wind and green hydrogen. In total, Statkraft aspires to have developed 30 GW new renewable capacity by 2030. That could increase Statkraft’s annual power generation by up to 50 percent from the present day, to around 100 TWh per year by the end of the decade.

To put that in perspective, 100 TWh equals almost three times the current annual power consumption of Denmark.

Christian Rynning-Tonnesen, Chief Executive Officer, Statkraft, said, “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.”

Statkraft said that as part of the strategy, the RE player is focusing on upgrading and expanding Norwegian hydropower. The goal is to start at least five major hydropower projects by 2030.

Then, a significant part of the growth will be linked to the development of onshore wind, solar and battery storage, across all Statkraft markets. Within offshore wind, Statkraft is pursuing an industrial role in Norway and Ireland.

Within green hydrogen Statkraft aims to be a leading developer in Norway and Sweden, and to broaden its geographical scope outside the Nordics. The target is to develop 2 GW of green hydrogen by 2030.

The company informed that will continue to focus on its four strategic pillars: (i) Provide clean flexibility and leveraging hydropower (ii) accelerate solar, onshore and offshore wind, and battery storage (iii) deliver green market solutions to customers, and (iv) scale new green energy technologies.