Statkraft increased its after-tax earnings in a third quarter when Norway’s biggest utility furthered its ambitious renewables growth targets with the acquisition of two Swedish wind power developers.

Known as Europe’s largest renewable energy producer due to its vast hydro-power assets, Statkraft said a strong performance in energy management and market activities helped the company deliver solid results in the third quarter even though power prices were significantly down from last year, when they spiked as a result of the war in Ukraine.