Norwegian energy company Statkraft has announced that it will reduce its targets for building solar PV, battery energy storage systems (BESS) and wind farms from 2026.
As reported on our sister site PVTech, the company has said it will prioritise investments in its home country of Norway, while reducing its target development rate for solar, BESS, and onshore wind. The target has been reduced from 2.5-3GW to 2-2.5GW. Targets for offshore wind have also been reduced significantly, dropping from 10GW to 6-8GW by 2040.
Commenting on lowering the target, Statkraft president and CEO Birgitte Ringstad Vartdal said that “the market conditions for the entire renewable energy industry have become more challenging. We are therefore sharpening our strategy to allocate the capital to the most value-creating opportunities with the best strategic fit,”
She added “With a sharpened strategy, we are well equipped to deliver both good value creation for the owner and to be a strong driving force in the energy transition in Norway, Europe and the world.”
Statkraft in the UK
The news comes at a time when Statkraft appeared to be growing its ambitions in the UK.
Last year, Statkraft purchased two wind farms in Shetland, with an approximate generation capacity of 120MW, before joining forces with Foresight and Progressive Energy to form a green hydrogen joint venture. Notably, Statkraft has also lowered its green hydrogen production target, from 2GW by 2030 to 1-2GW by 2035.
In March 2024, Statkraft announced it had submitted plans for a solar farm near the town of Sandwich to Dover District Council.
Statkraft has also been driving into the pumped hydropower sector in the UK, announcing late last year that it had acquired a 450MW pumped storage hydro project near Scotland’s famed Loch Ness. As part of the company’s new sharpened growth strategy, Stakraft says it will focus more on hydropower, aiming to initiate at least five major capacity upgrade projects in Norway by 2030.
