NORWAY – The state-owned renewable power producer Statkraft has unveiled an ambitious investment plan of up to €6 billion (US$6.56 bn) earmarked for upgrading its domestic hydro and wind power infrastructure, alongside the construction of new onshore wind farms.
This strategic initiative aims to potentially double Statkraft’s existing output from wind farms and significantly enhance the effectiveness of the company’s hydropower plants, adding approximately 3 terawatt hours (TWh) of supplementary electricity output.
Revealed during a press conference in Oslo, the investment program encompasses an allocation of €1.8 billion to €3 billion (US$1.97bn to US$3.29bn) for upgrades and transformations in Norwegian hydroelectric power plants.
Additionally, Statkraft plans to allocate around €1 billion (US$1.10bn) for both renovating existing and erecting novel onshore wind farms.
This infusion is anticipated to generate 2500GWh or more of wind power production, effectively doubling the current capacity, and potentially leading to an up to 2500MW escalation in hydroelectric power plant capacity.
The company has initiated the concession and planning procedures for the Moifjellet 260MW wind power project in Rogaland.
Further efforts include the revitalization of the Smola, Hitra, and Kjollefjord wind farms in Central and Northern Norway, expecting a 40% boost in production.
Moreover, Statkraft is exploring four potential wind power projects in Finnmark, Northern Norway.
While the company foresees future power requirements being primarily met through new wind power initiatives, it acknowledges hydropower as the fundamental backbone of the energy system, emphasizing its unique attributes.
Statkraft’s strategic plans encompass significant upgrades of hydropower plants in the forthcoming years, including facilities like Mauranger, Aura, Alta, and Svean plants across Western, Central, and Northern parts of Norway.
The company also intends to invest up to €2 billion (US$2.19bn) from 2024 to 2030 in dam rehabilitation and modernization of aging power plants, ensuring continued cost-effectiveness and regulated power production.
These investments are geared towards fortifying these facilities against extreme weather conditions, flood damage, and potential threats of terrorism.
Christian Rynning-Tonnesen, Statkraft’s CEO, highlighted the program as the most substantial investment initiative in hydro and wind power witnessed in Norway for decades, underscoring its pivotal role in the country’s energy system and the broader transition towards sustainability.
Birgitte Ringstad Vartdal, the executive vice president for the Nordic region at Statkraft, emphasized the importance of securing regulatory support, concessions, power demand levels, and community engagement for the success of these large-scale and intricate hydropower projects.
Vartdal also stressed the potential of onshore wind as a swift and cost-effective solution for new power generation, specifically before 2030.
Statkraft, contemplating various new wind power projects throughout Norway, is actively engaged in dialogues with landowners, local authorities, and impacted stakeholders to navigate these projects successfully.
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