Statkraft has announced plans to streamline its investment strategy, focusing on hydropower and other renewable energy projects in select regions. The company will concentrate on markets in Norway, Europe, and South America, aiming to increase efficiency, achieve greater scale, and boost competitiveness.
The energy giant reaffirmed its commitment to Norwegian hydropower. “Statkraft’s assets and investment plans in the Nordics remain robust,” the company stated, highlighting ongoing onshore wind initiatives and capacity upgrades at five major Norwegian hydropower plants. Offshore wind development in Northern Europe will also be pursued, with a target of developing 6-8GW in collaboration with partners by 2040. Additionally, the company aims to establish itself as an industrial developer of green hydrogen, with plans to deliver 1–2 GW by 2035.
CEO Birgitte Ringstad Vartdal emphasized the resilience of renewable energy investments, even amid global economic pressures. “Despite geopolitical tensions and inflation, the cost competitiveness of renewable energy is driving strong growth in all energy market scenarios,” Vartdal said. “Statkraft has built a strong position as Europe’s largest producer of renewable energy and a significant player in South America, with a track record of profitable investments and solid returns. We are focusing our investments on fewer markets to build scale and strengthen our competitiveness and value creation.”
Statkraft will exit certain regions to align with this sharpened strategy. The company plans to divest its onshore wind, solar, and battery assets in the Netherlands and Croatia. In India, Statkraft will also sell off its hydropower and solar projects. Vartdal explained: “Statkraft has a profitable portfolio of renewable energy assets in India, but achieving further sustainable growth there would require major investments. We will instead focus new investments outside Europe on South America, where opportunities to scale and leverage our core capabilities are strong.”
In Europe, Statkraft is optimizing its renewable energy portfolio to enhance profitability. The company aims to boost its annual solar, wind, and battery storage capacity to 2–2.5GW starting in 2026.
Statkraft’s internal structure will also change to support these goals. From January 2025, a new corporate organization will be in place. The company will maintain three geographic business areas: Nordics, Europe, and International, alongside its Markets area. A new Technology and Project Delivery unit will oversee safety standards, maintenance, and construction, focusing on cost-effective project execution.
“We have built a flexible development portfolio of around 20GW,” said Vartdal. “This new business area will enhance project delivery by building scale, standardizing operations, and reducing complexity, using IT and digital advancements to boost efficiency.”
The company will also restructure support functions, forming Corporate Development and People, Organisation and Sustainability units. EVP Jürgen Tzschoppe, head of the soon-to-be-discontinued New Energy Solutions area, will depart the company after 22 years. Vartdal praised Tzschoppe’s contributions, saying, “Jürgen’s leadership and strategic skills have significantly driven Statkraft’s international growth and value creation. We wish him the best for the future.”
