Norway's Statkraft to invest up to $6.6 bln in hydro, wind power

Credit: REUTERS/Staff Photographer

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COPENHAGEN, Jan 8 (Reuters) - Norway's state-owned Statkraft on Monday said it plans to invest up to 6 billion euros ($6.56 billion) to upgrade its Norwegian hydro and wind power facilities and to build new onshore wind farms.

Statkraft will spend between 1.8 billion and 3 billion euros on upgrades of hydroelectric plants, between 1.2 billion and 2 billion euros to rehabilitate older dams and plants and some 1 billion euros on renewal and construction of onshore wind farms.

"All projects will depend on a predictable regulatory framework, getting the necessary concessions, the level of power demand, and a good dialogue with local communities," Nordic operations chief Birgitte Ringstad Vartdal said in a statement.

($1 = 0.9145 euros)

(Reporting by Louise Breusch Rasmussen and Nora Buli, editing by Stine Jacobsen)

((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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