Norwegian energy company Statkraft has announced that it will lower its targets for the construction of solar energy, battery energy storage systems (BESS) and wind farms from 2026.
If reported on our sister site PVTech, The company has said it will prioritize investments in its home country of Norway, while reducing its target development level for solar, BESS and onshore wind from 2.5 to 3 GW to 2 to 2.5 GW.
Commenting on the target reduction, Birgitte Ringstad Vartdal, president and CEO of Statkraft, said that “market conditions for the entire renewable energy sector have become more challenging. We are therefore sharpening our strategy to allocate capital to the most value-creating opportunities with the best strategic fit.”
She added: “With a sharpened strategy, we are well equipped to both deliver good value creation for the owner and to be a strong driving force in the energy transition in Norway, Europe and the world.”
Statkraft in Great Britain
The news comes as Statkraft appeared to be increasing its ambitions in solar energy and BESS in Britain.
Early this year, Statkraft signed a concurrent Power Purchase Agreement (PPA) with Gresham House and a corporate Power Purchase Agreement (cPPA) with Workspace for the 20MW Beavor Grange Solar Farm in Devon.
In February, Statkraft received planning permission for a 50MW BESS in East Ayrshire, Scotland, the company’s fifth Greener Grid Park. In March 2024, Statkraft announced that it had submitted plans for a solar farm near the town of Sandwich to Dover District Council.
Statkraft has also entered the pumped hydro sector in Britain, announcing late last year that it had acquired a 450 MW pumped storage hydro project near Scotland’s famous Loch Ness. As part of the company’s new enhanced growth strategy, Stakraft says it will focus more on hydropower, with the aim of launching at least five major capacity expansion projects in Norway by 2030.
A version of this story first appeared in our sister publication Current±. You can read the original here.
