Statkraft, Norway’s leading renewable energy company, has announced a strategic review aimed at optimizing its asset portfolio and focusing on its core businesses. The restructuring includes the sale of certain divisions and increased investments in hydropower, solar energy, wind power and battery storage solutions in Europe and some international markets. The strategic review was prompted by an increasingly complex and competitive market environment. Statkraft plans to sell its district heating business and seek investors for its biofuel subsidiary Silva Green Fuel and electric vehicle charging company Mer. The aim is to refocus resources in sectors that offer the best growth opportunities and strategic alignment.
Focus on hydropower and renewable energy
In Norway, Statkraft will continue to invest heavily in hydropower, with a long-term investment program including five major capacity upgrade projects. At the same time, the company will strengthen its capacity in solar, wind and battery power, with a development target of 2-2.5 GW per year from 2026. The reorientation also includes a larger industrial role in offshore wind in the Nordics, with a development target of 6-8 GW by 2040. Statkraft also aims to become an industrial developer of green hydrogen, with a supply target of 1-2 GW by 2035, adjusted from a previous target of 2 GW by 2030.
Adapting to market conditions
Statkraft’s change in strategy comes against the backdrop of a more challenging market environment. Energy prices are falling while technology and capital costs are rising. Moreover, market regulations and support policies are lagging and geopolitical uncertainty is growing. These factors have led Statkraft to optimize its resources and adjust its priorities to stay competitive. Industry analysts see the change in direction as a necessary response to current economic and geopolitical challenges. Birgitte Ringstad Vartdal, President and CEO of Statkraft, emphasized that the strategy will maximize value creation and strengthen the company’s competitive advantage.
Future outlook
Statkraft is committed to continued growth based on four pillars: providing clean flexibility through hydropower; growing solar, wind and battery storage; offering green market solutions to customers; and developing new green energy technologies. The strategy enables the company to respond effectively to growing market demand and strengthen its position in the renewable energy sector. The strategic review aims to prepare Statkraft for sustainable growth by optimizing capital allocation and focusing on the most promising opportunities. By refocusing efforts on its core competencies and aligning its goals with market realities, Statkraft is well positioned to navigate a rapidly changing energy landscape.
