(Oslo, 26th September 2018) Statkraft is planning annual investments of around NOK 10 billion in renewable energy in the period 2019-2025. In addition to large upgrades of Nordic hydropower, the company has an ambition to reach 6000 MW onshore wind and 2000 MW solar until 2025. Statkraft also has an ambition to triple its volumes managed on behalf of customers.

Norway remains the largest single market for investments. Annual investments in the renewal of Norwegian hydropower plants amount to about NOK 1.2 billion alone. In addition, investments are planned in new, green business opportunities. 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.

Statkraft is Europe's largest producer of renewable energy. The new strategy comprises developing, generating and trading energy, including purchasing and selling renewable power for other companies. In this way, the company strengthens Statkraft's position as a broad and leading renewable energy company.

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 investment program will be adapted to the company's financial capacity and rating objectives.

"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 adds.

Statkraft's new strategy will be presented by CEO Christian Rynning-Tønnesen during the annual Statkraft conference at Statkraft headquarters in Oslo this afternoon.

Expected geographical distribution of investments 2018-2025

Norway                               26%

Europe excl. Norway          42%

Outside Europe                  32%

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 3500 employees in 16 countries.

For more information, please contact:

Knut Fjerdingstad, Statkraft AS                                                  
Press spokesperson
Tel.: +47 901 86 310                                                                                
E-mail: knut.fjerdingstad@statkraft.com