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Stakraft to invest NOK10 billion in renewables (EUR 1,133,717,800)

By: Knut Fjerdingstad 05/12/2014 bente.engesland@statkraft.com

General

The Norwegian Government has today proposed to strengthen the equity in Statkraft SF with NOK 10 billion.
This will be achieved through an equity contribution of NOK 5 billion. The remainder of the strengthening will be realized through reductions in future dividends.

"We are very pleased with the Government's support for the company's strategy. Increased equity and a reduction in future dividends ensures predictability and underpins future growth within renewable energy," says chairman of the board of directors Olav Fjell.

Statkraft is the leading power company in Norway and Europe's largest producer of renewable energy. The ambition of the company is to strengthen its position in pure energy internationally.

"The capital will be invested in hydropower, wind power, district heating and other renewable energy technologies. This will take place in Norway and Europe, as well as in growth markets in Asia and South America," says CEO Christian Rynning-Tønnesen.

Subject to Parliamentary approval of the proposal, Statkraft SF will use the capital as an equity contribution into Statkraft AS.

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Stakraft to invest NOK10 billion in renewables (EUR 1,133,717,800)

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