Growing in solar and wind

Solar and wind power have huge growth opportunities offering us longer term competitiveness.

Watch our video about growing in solar and wind

Renewable energy sources play a key role

Increasing the generation of carbon-neutral energy is one important way to control climate change. Renewable energy sources play therefore a key role in the change towards a cleaner world. By investing in solar and wind power we are also securing our long term competitiveness.

We target a gigawatt-scale solar and wind portfolio. These technologies are rapidly maturing. At the same time, utility competences are becoming increasingly important as subsidy schemes are gradually being phased out and renewable energy production is becoming more market-based.

We have started the transition and have currently built 185-MW solar capacity in India and have wind parks in Norway, Sweden and Russia. We have also announced plans to further expand our wind and solar power production in Russia.

Next step: system integration

When the system develops, we need to become better at integrating renewable production with customer demand side and energy storage. This is what we call system integration and it will be needed when more of the production is weather dependent and can’t be controlled.

The energy system as such must become more flexible and responsive. Hydro power and batteries can store of energy to balance supply and demand, and they also function as an electricity network stabilizers. Stored energy can be instantly deployed and its easily adjustable.

You can also store energy virtually by controlling consumption to optimal times. This is called demand response. A virtual power plant uses large consumption assets, such as data centers and base stations, or smaller storages like electric vehicles, water heaters and home batteries, to work for the energy system in a profitable way. It also benefits the environment directly since it reduces the need for fossil based backup generation.

Our targets in this area

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Create a gigawatt-scale solar and wind portfolio.

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Grow in wind business close to our current home markets, in the Nordics and Russia.

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Grow in solar business in carefully selected locations globally, starting in India.

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Solar power

We believe that solar power will be one of the most important energy production forms in the future energy system.

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Wind power

During the past few years wind power has been the fastest growing form of power generation around the world.