Norwegian state-owned power firm Statkraft has outlined plans to invest nearly £1 billion a year over the next six years in a bid to deploy multiple gigawatts of renewable power.
The company said it was planning to invest around NOK 10 billion (£936 million) in renewable energy in each of the next six years, stating an ambition to reach 6GW of onshore wind and 2GW of solar power by 2025.
While the majority of the growth is targeted for European markets, substantial growth is also being highlighted in South America and India.
The investment is to be financed partly from Statkraft’s earnings, but will be supplemented through a series of divestments of Statkraft’s shares in operational solar and wind projects, aiming to spin these off to financial investors.
Christian Rynning-Tønnesen, chief executive at Statkraft, said the strategy stood to contribute towards “increased value creation” within the company and “develop Norwegian renewables competence in line with the changes we see around us”.
Statkraft has a significant interest in hydropower plants but has increasingly turned its eye towards other renewables, most notably wind and solar. It was a key investor in the 860MW, CfD-backed Triton Knoll offshore wind farm before innogy purchased its stake.