NORWEGIAN state-owned utility Statkraft, Europe’s largest generator of renewable energy, said on Thursday (Aug 31) that it has bought 39 wind farms in Germany and France for 4.7 billion Norwegian crowns (S$599.2 million).

Statkraft is buying the wind farms, which are between 15 and 21 years old, from Breeze Two Energy, and aims to eventually upgrade the sites, it said.

“We believe this is a very sustainable way of doing development of new or bigger projects, because we are using part of the infrastructure and using well established networking and relationships with local communities,” Barbara Flesche, executive vice-president for Europe, told reporters.

Even before any upgrades, which will come over time, this was already a profitable business, with Statkraft able to draw on its existing German market and trading competence, Flesche added.

The majority of the assets are in Germany, with only four wind farms in France; they now have a combined annual power output of 476 gigawatt hours (GWh).

The latest acquisition, which follows a similar, first deal in 2021, is part of Statkraft’s wider strategy to grow its renewable energy business in Europe, focusing on wind, solar, hydrogen and batteries.

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On a global basis, the company aims to build 2,500 to 3,000 megawatts (MW) of new capacity annually from 2025, rising to 4,000 MW per year from 2030.

In Germany, Statkraft aims to develop and build between 300 and 500 megawatts (MW) of wind and solar power capacity in Germany per year from 2027, to reach a portfolio of 2,000 MW by 2030, it announced in May.

The company also won a contract to build 500 MW of offshore wind in Ireland’s first auction.

Earlier this week, it also announced a planned acquisition of two operational wind farms in Brazil with an installed capacity of 260 megawatts (MW) from EDP Renovaveis.

Statkraft reported its best second-quarter earnings on Thursday, driven by a strong trading business and improved earnings in the Nordics. REUTERS