Statkraft to reduce international operations

In a statement, the group, which is 100% owned by the Norwegian state, said it will sell its assets in onshore wind, solar and batteries in the Netherlands and Croatia.

It also plans to "over time" divest itself of its hydroelectric and solar assets in India.

"Pursuing sustainable growth in the country will require major investments," says its CEO, Birgitte Ringstad Vartdal.

A heavyweight in hydroelectric power in Norway, the group intends to concentrate its investments there as well as in Europe and South America, on high-potential markets where, according to it, scale effects are possible.

In June, Statkraft announced a slowdown in its growth rate.

It plans to install between 2 and 2,5 GW of new capacity in onshore wind, solar and battery storage from 2026, compared with an annual range of 2,5 to 3 GW initially planned from 2025 and 4 GW from 2030.

In offshore wind power, it now aims to install between 6 and 8 GW by 2040 compared to 10 GW planned until then.

Victim of a deterioration in its profitability due to high interest rates and a drop in electricity prices, it had also reported in July significant asset depreciations in Europe and India.