Norway’s Statkraft looks for more renewable energy projects in Brazil

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Norway’s Statkraft looks for more renewable energy projects in Brazil

February 15, 2019 Anand Gupta

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OSLO: Norway’s Statkraft, one of Europe’s largest producers of renewable energy, is considering further investments in Brazil this year, its chief executive said on Thursday.

Statkraft, which plans to invest about 10 billion crowns ($1.2 billion) annually until 2025, bought eight hydropower plants in Brazil last year, expanding its total capacity in the country by 132 megawatts(MW) to 450 MW.

“We are constantly evaluating opportunities also in 2019 in Brazil… Brazil is in our scope. A strong team is working there to invest,” CEO Christian Rynning-Toennesen said.

The company is also looking for new projects in other developing markets, including India, he said.

Part of the company’s annual investment budget will go to hydropower projects under development in India and Albania and wind projects, such as the large 1.1 GW Fosen wind park in Norway.

Solar investments, which Statkraft has said it wants to develop, will remain low in 2019 compared to wind and hydro projects, Rynning-Toennesen said, without elaborating.

Statkraft reported on Thursday a 15 percent rise in net profit for 2018 to 13.4 billion crowns, helped by higher power prices in the Nordics last year. ($1 = 8.6550 Norwegian crowns)