Statkraft will prioritise growth of its core business and optimise its portfolio
through selective divestments.
The sharpened strategy will prioritise investments in Norwegian hydropower,
market operations, and growth in solar, wind, and batteries in Europe and
selected international markets. Statkraft will continue to build options for
offshore wind and hydrogen, but plans to divest the district heating business
and find investors in the biofuels company Silva Green Fuel and the EV charging
company Mer.
"Statkraft has in recent years built a strong position and an attractive
portfolio of profitable renewable projects. The transition from fossil to
renewable energy is happening at an increasing pace in Europe and the rest of
the world. We have strong competitive advantages and have delivered great value
creation over time. However, the market conditions for the entire renewable
energy industry have become more challenging. We are therefore sharpening our
strategy to allocate the capital to the most value-creating opportunities with
the best strategic fit," says President and CEO Birgitte Ringstad Vartdal in
Statkraft.
Statkraft has in recent years built a significant portfolio of power plants in
operation amounting to a total capacity of 21 GW, as well as a net flexible
development portfolio of profitable projects totalling 21 GW.
Statkraft has committed large investments for the next years, with a record-high
level of more than NOK 30 billion in 2024, including the acquisition of the
Spanish renewables company Enerfin, which was completed in May. In Norway,
Statkraft has a record-high long-term investment program in wind and hydropower,
including five major capacity upgrade projects.
Simultaneously, the entire energy market has become more challenging. Energy
prices are lower, and both technology costs and capital costs have increased.
Market regulations and support policies are delayed, and geopolitical
uncertainty has increased.
The sharpening of the growth strategy follows Statkraft's annual strategic
review, the first with Ringstad Vartdal as President and CEO. The fundamental
drivers of the energy transition continue to support Statkraft's growth
strategy. Strong growth in demand for solar and wind power, driven by low
technology costs, increased need for flexibility in the power system, and
greater market complexity are drivers that fit Statkraft's position and
competitive advantages well.
"Statkraft has a unique and strategic position in flexible production,
experience with weather-based systems, and strong analysis and market
competencies. Together with a capable and motivated organisation, this makes the
company well prepared to grow, build scale and compete in a rapidly growing
renewable market," says President and CEO Birgitte Ringstad Vartdal in
Statkraft.
Statkraft's growth strategy continues to be built on four pillars: Provide clean
flexibility - leveraging hydropower, grow in solar, wind, and battery storage,
deliver green market solutions to customers and scale new green energy
technologies.
The sharpened strategy means that Statkraft will:

  * Prioritise value creation from Statkraft's core businesses hydropower and
    market operations. Statkraft will be the largest hydropower company in
    Europe and will initiate at least five major capacity upgrade projects in
    Norway by 2030.Statkraft sharpens strategy for further growth
  * Be a major developer of solar, onshore wind, and battery storage with an
    annual development rate of 2-2.5 GW from 2026 and onwards (previous target
    was 2.5-3 GW from 2025 and 4 GW from 2030). Statkraft will take an
    industrial role within offshore wind in Northern Europe - with the goal of
    developing 6-8 GW by 2040 (previous target was 10 GW).

* Contribute to an efficient energy market, enable industrial customers' green

    transition, and be a leading provider of market solutions in Europe, with a
    significant global reach.
  * Develop new green energy businesses, including becoming an industrial
    developer of green hydrogen with the goal of delivering 1-2 GW by 2035
    (previous target was 2 GW by 2030).

"With a sharpened strategy, we are well equipped to deliver both good value
creation for the owner and to be a strong driving force in the energy transition
in Norway, Europe and the world," says Birgitte Ringstad Vartdal.
For further information, please contact:
Media:
Media Spokesperson Lars Magnus Günther, tel: +47 912 41 636, e-mail:
lars.gunther@statkraft.com (mailto:lars.gunther@statkraft.com)
Vice President Torbjørn Steen, tel: +47 911 66 888, e-mail:
torbjorn.steen@statkraft.com (mailto:torbjorn.steen@statkraft.com)
Debt Capital Markets:
Vice President Stephan Skaane, tel: +47 905 13 652, e-mail:
stephan.skaane@statkraft.com (mailto:stephan.skaane@statkraft.com)
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail:
arild.ratikainen@statkraft.com (mailto:arild.ratikainen@statkraft.com)
or www.statkraft.com
About Statkraft
Statkraft is a leading company in hydropower internationally and Europe's
largest generator of renewable energy. The Group produces hydropower, wind
power, solar power, gas-fired power and supplies district heating. Statkraft is
a global company in energy market operations. Statkraft has over 6,000 employees
in more than 20 countries.
Â