Statkraft says it will invest around NOK10 billion ($1.2 billion, €1 billion) per year up to 2025 to strengthen its position as a leading renewable energy company.

The Norwegian energy company announced in July plans to ramp up the development of renewable energy and has now given further details of its strategy.

In addition to large upgrades of its Nordic hydropower facilities, Statkraft is targeting development of 6000 MW of onshore wind and 2000 MW of solar capacity by 2025. In addition, investments are planned in new, green business opportunities, Statkraft said.

Statkraft’s new strategy comprises developing, generating and trading energy, including purchasing and selling renewable power for other companies. Norway will remain the largest single market for investments, but the firm will also target opportunities in other parts of Europe as well as markets such as South America and India, where the company already operates.

Annual investments in the renewal of Norwegian hydropower plants will amount to about NOK 1.2 billion alone, Statkraft said. 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 combination of our unique portfolio of flexible hydropower, in-depth market understanding, innovative solutions, as well as our customers’ increased interest in renewable energy make us a preferred partner for both producers and consumers of clean energy,” says Christian Rynning-Tønnesen, CEO.

“Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us,” he added.