Statkraft Says No More New Offshore Wind Projects

Statkraft AS will no longer invest in new offshore wind projects, the Norwegian utility said in its adjusted investment plan today.

The Oslo-listed company said that the new investment plan was adjusted ”to balance the goal of profitable growth within renewable energy with Statkraft’s financial solidity.”

“Offshore wind power is capital intensive. The reduced financial terms from the owner entail that it is not possible for Statkraft to invest in new offshore wind projects,” said Statkraft’s CEO Christian Rynning-Tønnesen.

The state-owned Statkraft currently holds a 50% stake in the 317 MW Sheringham Shoal, UK. The company also has a 25% share in the planned 4.8 GW Dogger Bank projects, as part of the Forewind consortium.

Its further exposure to offshore wind projects includes a 50% share in the 900 MW Triton Knoll and a 30% share in the 402 MW Dudgeon Offshore Wind Project.

Statkraft may also postpone some international hydropower projects.