Norwegian utility Statkraft plans to invest €1bn in new and existing onshore wind farms as it seeks to double its annual wind production in Norway to 2,500GWh.
The company announced the wind strategy as part of a €6bn investment plan in its Norwegian operations. This plan includes up to €3bn for upgrades in its hydro assets and up to €2bn to modernise older dams and power plants.
Birgitte Ringstad Vartdal, Statkraft’s executive vice president for the Nordic region, said: “We have fantastic wind resources in Norway. Onshore wind is the technology that can provide us with new power in the fastest and cheapest way before 2030. We should therefore develop the best wind projects so that we can contribute to both industrial development and emission cuts.”
Christian Rynning-Tønnesen, chief executive of Statkraft, said it was the “largest investment program of its kind in hydro- and wind power in Norway for decades” and would make a “major contribution to the energy system in Norway”.