Statkraft will narrow its investment focus and organisational efforts to a select group of countries in order to build scale, enhance competitiveness, and maximise value creation.
To sustain Statkraft’s history of profitable growth and support its contribution to a net-zero future, the company plans to:
- Prioritise investments in Norwegian hydropower and global market operations.
- Expand in solar, wind, and battery storage within the Nordics, Europe, and South America, with a goal of increasing its annual energy delivery rate to 2-2.5 GW by 2026.
- Gradually take on an industrial role in offshore wind projects across Northern Europe and position itself as an industrial developer of green hydrogen as the market develops.
As part of the refined strategy announced in June this year, Statkraft will divest its onshore wind, solar, and battery operations in the Netherlands and Croatia. In the longer term, the company will also sell its hydropower and solar assets in India, enabling a sharper focus on high-potential markets in the Nordics, Europe, and South America, in line with its growth ambitions.
Statkraft previously announced plans to divest its district heating business and seek investors for its biofuels venture, Silva Green Fuel, as well as for the electric vehicle (EV) charging company, Mer.
To further align with its sharpened strategy, Statkraft will implement an updated organisational structure and new corporate management, effective from 1 January 2025.
Statkraft president and CEO Birgitte Ringstad Vartdal said: “Despite geopolitical tensions and inflation, the cost competitiveness of renewable energy is driving strong growth in all energy market scenarios as projected by Statkraft and other leading analysts, presenting profitable growth opportunities worldwide.
“Statkraft has built a strong position as Europe’s largest producer of renewable energy and a significant player in selected markets in South America, with an attractive portfolio of profitable renewable projects and a track record of profitable investments and solid returns. “We have already sharpened our strategy to allocate capital to our core business, and now we are focusing our investments on fewer markets. This will build scale and strengthen our competitiveness and value creation.”
