Statkraft has unveiled plans to invest up to €6bn towards enhancements to its hydroelectric and wind power facilities in Norway, as well as the development of new onshore wind farms.

The Norwegian state-owned energy company will allocate €1.8bn-€3bn in upgrades and transformations of Norwegian hydroelectric power plants.

For the rehabilitation of dams and modernisation of older power plants, the company will spend €1.2bn-€2bn in the period 2024-2030.

Statkraft is planning for significant upgrades to its hydropower plants in the upcoming years. This initiative encompasses the enhancement of the Mauranger, Aura, Alta, and Svean plants located in the Western, Central, and Northern regions of Norway.

Statkraft Nordic region executive vice president Birgitte Ringstad Vartdal said: “We are working to mature the best hydropower projects. These are large and complex and take a long time to develop and build.

“All projects will depend on a predictable regulatory framework, getting the necessary concessions, the level of power demand, and a good dialogue with local communities.”

The company will invest nearly €1bn in the renewal of existing facilities and construction of new onshore wind farms.

Statkraft has initiated the concession and planning phases for the construction of the 260MW Moifjellet wind power project in Rogaland. Additionally, the company is engaged in repowering efforts for the Smøla, Hitra, and Kjøllefjord wind farms located in the Central and Northern regions of Norway, anticipating a 40% in production.

Simultaneously, the company is currently exploring four potential wind power projects in Finnmark, Northern Norway along with several such wind farms in other parts of the country.

Overall, the investment programme aims to more than double Statkraft’s current wind power production, targeting a capacity of 2.5GWh or more. The initiative also seeks to achieve a 20% increase in installed capacity from hydropower, reaching between 1.5GW and 2.5GW.

According to Statkraft, the growing energy demands in Norway’s future will primarily be met through the installation of new wind power. Yet, hydropower, with its distinctive attributes, will continue to serve as the foundational pillar of the Norwegian energy system, said the company.

Last month, the company signed a deal to acquire the 450MW Red John pumped storage hydro project in Scotland from Intelligent Land Investments Group.