Norwegian state-owned electricity company Statkraft plans to reach 2GW of solar by 2025, as part of a NOK1 billion (US$1.2 billion) investment in renewable energy.
The firm is also eyeing up 6GW of onshore wind as well as major increases in hydropower by the same date.
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In a statement, Statkraft said:” investments are planned in new, green business opportunities. The majority of growth will come in Europe, while substantial growth will be added to markets where Statkraft is already present in South America and India.”
The investments will be financed partly from earnings from existing businesses supplemented by systematic divestments of shares in completed solar and wind projects to financial investors.
Christian Rynning-Tønnesen, CEO, Statkraft, said: “The combination of our unique portfolio of flexible hydropower, in-depth market understanding, innovative solutions, as well as our customers' increased interest in renewable energy make us a preferred partner for both producers and consumers of clean energy. Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us.”
In 2015, India-based renewable energy company, Bharat Light and Power (BLP), and Statkraft formed a 50:50 joint venture to provide distributed solar in India.