Statkraft’s sustainability transformation sees $1.23bn pledge for renewables
Norwegian energy giant Statkraft has announced it will invest a total of $1.23bn in renewable energy between 2019 and 2025.
The company, which employs around 3,500 people and is currently Europe’s largest producer of renewable energy, aims to increase its onshore wind capacity to 6GW and boost solar capacity to 2GW by 2025.
The company has also stated it aims to triple its volumes managed on behalf of its customers, and will look to invest in new, green business opportunities. Statkraft expects a lot of growth to come from Europe, but will also look to expand in South America and Asia.
Statkraft CEO, Christian Rynning-Tonnesen, stated: “The combination of our unique portfolio of flexible hydropower, in-depth market understand 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.
“Overall, the strategy will contribute to increased value creation and develop Norwegian renewables competence in line with the changes we see around us.”
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.