Norwegian hydro-power giant Statkraft as part of a strategy update plans to develop 30GW of new renewables capacity and 2GW of green hydrogen – made via electrolysis from renewable power – by 2030.

The more ambitious growth targets are slated to boost the state-owned utility’s power generation by up to 50% to around 100 terawatt hours per year by the end of the decade, and increase the annual growth rate for onshore wind, solar and battery storage from 2.5GW in 2025 to 4GW in 2030.

“The need for renewable energy is increasing sharply, both to meet net zero targets, cover new power consumption in Norway and strengthen European energy security,” chief executive Christian Rynning-Tønnesen said.

“Combined with increased investment capacity, Statkraft is now boosting the pace of developing more renewable energy.

“As we look towards 2030, we raise our ambitions higher than ever with significantly higher growth ambitions across our geographies and technologies.”

Statkraft is Europe’s largest generator of renewable energy. Most of that comes from hydro-power, but the state-owned utility is also increasingly producing electricity from wind and solar across the globe.

While the company as part of the new strategy wants to start at least five major hydropower projects in Norway by 2030, a significant part of the growth will be linked to onshore wind, solar and battery storage across all its markets (Europe, Turkey, India, the US and South America).

Within offshore wind, Statkraft said it is pursuing an industrial role in Norway and Ireland.

The company also plans to be a leading developer of green hydrogen in Norway and Sweden, and to broaden its geographical scope outside the Nordics.

Statkraft also aims to develop and scale new green energy technologies needed for a net-zero future, such as biofuel, electric vehicle charging, or district heating.