Statkraft AS, state-owned company of Norway, announced that it will invest 6 billion euros ($6.59 billion) to upgrade its hydro and wind power generation projects and construct more wind farms in Norway.

Statkraft aimed to generate at least 2,500 GWh of electricity from wind power through the investment, more than double of its current output. And hydro power generation capacity is expected to reach 2.5 GW.

The company planned to spend $1.98-3.29 billion on upgrading hydropower stations and $1.32-2.2 billion on the refurbishment of dams and modernization of old power plants from 2024-2030.

Additionally, the company had embarked about $1.1 billion for the renewal and construction of onshore wind farms, which could provide power in the fastest and cheapest way before 2030.

Statkraft carried out the preliminary work for a 260 MW wind project in Rogaland County in southwestern Norway. The company also took four more wind power projects in Finland into consideration.

Statkraft will make efforts to achieve an annual growth rate of 4 GW of solar, wind and batteries by 2030, the company said in a statement.

(Writing by yan.sun  Editing by Emma Yang)
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