The Norwegian state-owned energy company Statkraft has announced a plan to invest up to €6bn over the 2024-2030 period, in order to upgrade its existing hydro and wind power facilities in Norway, as well as to build new onshore wind power capacities in the country.
The company will allocate between €1.8bn and €3bn to upgrade and transform several hydropower plants, including the Mauranger, Aura, Alta and Svean sites. In addition, €1.2bn to €2bn will be allocated for the rehabilitation of dams and modernisation of older power plants. Overall, Statkraft targets over 20% of capacity increase for its portfolio of installed hydroelectric assets. The increase in capacity is expected to range between 1.5 GW and 2.5 GW.
As for wind, around €1bn will be spent on the repowering of onshore wind parks and construction of new ones, seeking to more than double its current production volumes, to reach 2.5 TWh or more. The repowering pipeline covers the Smøla, Hitra and Kjøllefjord wind parks, the output of which is set to be increased by about 40%. As for new capacities, the Norwegian group is exploring four potential projects in Finnmark, Norway’s northernmost county. In addition, Statkraft noted in its statement that it had already launched the concession and planning process to build the 260 MW Moifjellet wind power project in Rogaland.
Hydropower is of particular importance to Norway. As of end-2022, hydro represented 84% of Norway’s installed capacity with over 34 GW, while wind represented 12% with over 5 GW. In 2022, hydropower also made up 88% of the country’s power generation with over 129 TWh (wind made up about 10% with around 15 TWh).
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.