Statkraft to invest up to €6 billion in hydro, wind expansion

Norway's state-owned Statkraft unveiled an investment program of up to €6 billion to upgrade hydropower and wind facilities and build new wind farms, more than doubling wind output and raising hydropower 20%. The scale signals the capital intensity of renewable expansion, a reference point for Indian utilities planning grid-scale clean energy buildouts.

Statkraft, Norway's state-owned renewable energy producer, unveiled a program to invest up to €6 billion in hydro and wind facility upgrades and new wind farms. Allocations include €1.8 to €3 billion for hydroelectric plant upgrades and transformations, €1.2 to €2 billion for dam rehabilitation and modernization of older plants, and roughly €1 billion for renewing existing and building new onshore wind farms. The initiatives are projected to more than double wind power production and increase hydropower 20%. Hydropower supplies about 88% of Norway's energy, with wind from 65 farms contributing roughly 11%.

The investment most directly affects Norway's power system, where hydropower remains the backbone and new wind will mainly cover future increased power needs. The program signals to utilities and renewable developers globally the capital scale required for combined hydro modernization and wind expansion. Statkraft is currently evaluating four potential wind power projects in Finnmark, Northern Norway, and exploring numerous other wind projects nationwide, indicating a substantial pipeline of onshore wind capacity additions over the coming years.

Indian utilities and renewable developers should note the strategic balance Statkraft strikes, using hydropower as a stable backbone while scaling wind to meet rising demand, a model relevant to grid stability planning. Stakeholders can monitor the four Finnmark wind projects under evaluation and the broader national pipeline for execution timelines. The phased capital allocation, ranging from dam rehabilitation to new onshore wind, offers a benchmark for utilities budgeting long-term renewable infrastructure upgrades against asset modernization needs.

Key figure — Investment program: up to €6 billion in hydro and wind