Norwegian state-owned energy supplier National Power Statkraft announced a new plan to invest heavily in wind and solar energy between 2019 and 2025.
In a brief statement, Norwegian State Power said it hopes to achieve 6 GW of onshore wind power and 2 GW of solar capacity by 2025 through the new 10 billion Norwegian Krone investment plan.
“Most of the capacity growth will come from Europe, and the market in South America and India will grow substantially,” said Norwegian National Power. Investment in Norway is expected to account for 26% of total investment, while investments in other European countries and outside Europe account for 42% and 32% respectively.
“Part of the investment in these investments comes from the benefits of existing businesses, complemented by the divestiture of completed solar and wind projects to financial investors’ systemic equity.” Norwegian National Power further explained.
Norwegian National Power is one of the first traditional power producers to invest in solar energy. In 2010, a 3.3 MW solar power plant was built in Italy. Since then, the company has entered the solar market in India, the United Kingdom, the Netherlands and Spain.
Currently, the company has 335 hydropower, wind and gas power generation facilities with a total installed capacity of 19.08 GW and a stake in 17 district heating plants with an installed capacity of 789 MW. In total, Norwegian National Power operates in 16 countries and employs approximately 3,500 people.