Norway's Statkraft plans annual investments of around NOK 10 billion ($1.25 billion) in renewable energy in the period 2019-2025, the company said on Wednesday.
Statkraft, Europe's largest producer of renewable energy, said in a statement that, in addition to large upgrades of Nordic hydropower, the company has an ambition to reach 6000 megawatts onshore wind and 2000 megawatts solar until 2025.
"Annual investments in the renewal of Norwegian hydropower plants amount to about NOK 1.2 billion alone ($150 million). In addition, 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 company explained.
The company said that Norway remains the largest single market for investments.
New strategy comprises developing, generating and trading energy, including purchasing and selling renewable power for other companies, the statement read.
"In this way, the company strengthens Statkraft’s position as a broad and leading renewable energy company. 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. The investment program will be adapted to the company's financial capacity and rating objectives," it said.
By Murat Temizer