Statkraft to invest $1.2 billion a year in renewables until 2025

OSLO (Reuters) - Norwegian power firm Statkraft plans to invest around 10 billion Norwegian crowns ($1.2 billion) a year in renewable energy from 2019 to 2025, it said on Wednesday.

In addition to upgrades of Nordic hydropower facilities, the state-owned company plans to reach a capacity of 6,000 megawatts (MW) in onshore wind and 2,000 MW in solar power by 2025.

“Statkraft also has an ambition to triple its volumes managed on behalf of customers,” it said.

Annual investments in the renewal of Norwegian hydropower plants will amount to 1.2 billion crowns.

“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 said in a statement.

Investments will be financed partly from earnings from existing businesses, supplemented by selling shares in completed solar and wind projects to financial investors.

Reporting by Terje Solsvik; Editing by Mark Potter