Statkraft set to invest over $8bn in renewables

Norwegian state power firm Statkraft has announced a planned investment of up to NOK60bn ($8.1bn) in global renewable energy projects.

The announcement came after Norway’s parliament boosted the firm’s funding by NOK10bn.

Statkraft said it will invest its additional cash largely in wind and hydropower projects at home and abroad. The firm said it has “established a strategy that calls for major investments in renewable energy in Norway, Europe and emerging markets in Asia and South America”.

“We are working on concrete projects in all countries where we operate,” said CEO Christian Rynning-Toennesen in a statement. “The projects are primarily within hydropower and wind power, but we are also exploring opportunities within solar energy and biomass.”

In 2015 Statkraft plans to invest in the 1.3 GW Fosen/Snillfjord wind project in its home country, which it says “may be one of the largest ever investments in mainland Norway”, as well as a 162 MW hydropower plant in Peru. The firm also plans to join with India’s Tata Power on a 420 MW hydropower project in India, and is looking into potential Brazilian wind and hydropower projects.

Statkraft says it has invested over NOK27bn in renewable power projects in the past five years, such as Norway's Smøla wind farm (pictured).  

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