Latest news with #BirgitteRingstadVartdal
Time of India
4 days ago
- Business
- Time of India
JSW Neo Energy, Blackstone, other cos line up for Statkraft wind-down
JSW Neo Energy , Blackstone and KKR-backed Serentica Renewables have submitted binding financial bids for Statkraft's wind and solar energy assets in India on Wednesday, when the deadline for bids expired, according to sources aware of the matter. The bids were submitted after a three-month due diligence process. Norwegian government-owned Statkraft is exiting India and selling its assets in two lots. The first lot consists of the wind and solar assets. Bids for the second lot comprising hydro power assets are due on August 16. Adani Green Energy and Torrent Power are likely to bid for those, according to people cited earlier. Statkraft has put a $1.5 billion enterprise value tag on the entire India portfolio. JSW Neo Energy, Blackstone and KKR declined to comment. Adani Green Energy and Torrent Power had not responded to ET's queries until press time. 'We were among the selected bidders for the Statkraft portfolio in April, post which we conducted our diligence. We are submitting our binding offers for Statkraft's wind and solar portfolio and are confident of closing this transaction,' said a Serentica spokesperson. Statkraft—Europe's largest renewable power company—announced its intention on October 23 last year to exit the Indian business. In a statement from its global chief executive officer Birgitte Ringstad Vartdal, the company said it was prioritising investments in Norway, Europe and South America. It had forayed into India in 2001. It owns wind and solar power assets in Rajasthan with 1.5 GW capacity. It also owns two operational hydro power plants at Malana and Allain Duhangan in Himachal Pradesh with both being 49:51 joint ventures with India's LNJ Bhilwara group. Its portfolio also includes two under construction hydropower assets at Tidong in Himachal Pradesh and Kedarnath in Uttarakhand, respectively. ET first reported on April 11 that as many as 15 entities including Adani Green Energy and Serentica Renewables were in the fray to acquire Statkraft's Indian assets.
Reuters
22-07-2025
- Business
- Reuters
Norway utility Statkraft books $640 million quarterly loss after impairments
OSLO, July 22 (Reuters) - Norway's biggest utility, state-owned Statkraft, reported a deeper quarterly net loss on Tuesday, as lower expectations for Nordic power prices and an ongoing restructuring of the group prompted it to write down the value of a number of assets. The net loss for the April-June period widened to 6.5 billion Norwegian crowns ($638.56 million) from 992 million crowns in the second quarter of 2024. Statkraft, which has continued to scale back its growth ambitions this year amid rising costs, said on Tuesday it will prioritise investments in near-term profitable opportunities. "Given the current market situation and geopolitical realities, combined with Statkraft's recent high activity and investment level, we are adjusting our strategic ambitions," CEO Birgitte Ringstad Vartdal said in a statement. Ratings agency Fitch this month cut Statkraft's credit rating by one notch to BBB+, citing weakening performance and financial metrics. The company booked impairments of 6.3 billion crowns in the second quarter, of which 2.5 billion crowns related to Swedish wind power assets and 0.5 billion to Norwegian wind farms. Other impairments related to battery energy storage systems investments in Britain, joint venture hydropower plants in Chile and the group's corporate development portfolio, Statkraft said. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 4.5 billion crowns, from 6.5 billion a year ago as lower power prices outweighed higher production. Nordic power prices averaged 26.5 euros per megawatt hour (MWh) in the quarter, down from 35.3 euros/MWh a year ago, Statkraft said. ($1 = 10.1791 Norwegian crowns)
Reuters
22-07-2025
- Business
- Reuters
Norwegian utility Statkraft books $640 mln Q2 loss after impairments
OSLO, July 22 (Reuters) - Norway's biggest utility, state-owned Statkraft, reported on Tuesday a deeper net loss for the second quarter, driven primarily by impairments due to lower expectations for future power prices. The net loss for the April-June period stood at 6.5 billion Norwegian crowns ($638.56 million), against a year-ago loss of 992 million crowns, its report showed. Statkraft, which has continued this year to scale back its growth ambitions amid rising costs, said on Tuesday it will concentrate on its core competitive advantages and prioritise investments in near-term profitable opportunities. "Given the current market situation and geopolitical realities, combined with Statkraft's recent high activity and investment level, we are adjusting our strategic ambitions," CEO Birgitte Ringstad Vartdal said in a statement. Ratings agency Fitch earlier this month cut Statkraft's credit rating by one notch to BBB+ from A-, citing weakening performance and financial metrics. ($1 = 10.1791 Norwegian crowns)
Yahoo
20-06-2025
- Business
- Yahoo
Statkraft to streamline operations, targeting $291m cost cuts and layoffs
Statkraft has announced plans to enhance its core competitive advantages by focusing on its flexible hydropower fleet in the Nordics and on solar, wind and battery ventures across Europe and South America, following a strategic review of its business. The move comes amidst slower progress in energy transition due to heightened global uncertainty, rising costs and declining power prices. The company now aims to build scale, bolster competitiveness and drive value creation by narrowing its focus on select technologies and markets. Statkraft's revised approach prioritises cash flow over volume expansion while simplifying operations to cut costs. The company has set complexity reduction goals, which include slashing payroll and other operating expenses by Nkr2.9bn ($291m) annually by 2027, a 15% decrease relative to predictions for 2025. The specific cost efficiency measures, including redundancies, will be determined during the annual business planning process in the second half of 2025. Statkraft president and CEO Birgitte Ringstad Vartdal stated: 'By concentrating on our core competitive advantages and prioritising investments in near-term profitable opportunities, we will be able to continue our growth and value creation, while contributing significantly to the energy security and energy transition. 'Statkraft needs to adapt to the changing market and increased geopolitical uncertainty. Unfortunately, this also impacts our most important asset: our people. We will do what we can to limit uncertainty and mitigate negative effects on employees.' The company plans to make investments between Nkr16-20bn ($2bn) each year into projects such as large-scale hydropower upgrades in Norway and maintenance of its extensive operational assets. In alignment with announcements made in May 2025, Statkraft will cease new hydrogen project developments. The company will also cease new offshore wind initiatives except for ongoing commitments such as the North Irish Sea Array (NISA) project. Assessments regarding investment positions within solar power sectors, wind farms and batteries in Poland are underway, while development activities in Portugal will be discontinued, although market activities will continue. Although growth rates will be moderated compared with previous projections, solar power and wind power projects will advance in both Europe and South America. These measures will be in addition to the previously announced and ongoing divestment processes, including the district heating and biofuels activities in the Nordics, the development business in Croatia and the Netherlands, and business activities in India. In May 2025, Statkraft agreed to sell its Colombian renewable energy portfolio, Enerfín Colombia, to Ecopetrol, the national oil company of Colombia. "Statkraft to streamline operations, targeting $291m cost cuts and layoffs" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
19-06-2025
- Business
- Yahoo
Statkraft to streamline operations, targeting $291m cost cuts and layoffs
Statkraft has announced plans to enhance its core competitive advantages by focusing on its flexible hydropower fleet in the Nordics and on solar, wind and battery ventures across Europe and South America, following a strategic review of its business. The move comes amidst slower progress in energy transition due to heightened global uncertainty, rising costs and declining power prices. The company now aims to build scale, bolster competitiveness and drive value creation by narrowing its focus on select technologies and markets. Statkraft's revised approach prioritises cash flow over volume expansion while simplifying operations to cut costs. The company has set complexity reduction goals, which include slashing payroll and other operating expenses by Nkr2.9bn ($291m) annually by 2027, a 15% decrease relative to predictions for 2025. The specific cost efficiency measures, including redundancies, will be determined during the annual business planning process in the second half of 2025. Statkraft president and CEO Birgitte Ringstad Vartdal stated: 'By concentrating on our core competitive advantages and prioritising investments in near-term profitable opportunities, we will be able to continue our growth and value creation, while contributing significantly to the energy security and energy transition. 'Statkraft needs to adapt to the changing market and increased geopolitical uncertainty. Unfortunately, this also impacts our most important asset: our people. We will do what we can to limit uncertainty and mitigate negative effects on employees.' The company plans to make investments between Nkr16-20bn ($2bn) each year into projects such as large-scale hydropower upgrades in Norway and maintenance of its extensive operational assets. In alignment with announcements made in May 2025, Statkraft will cease new hydrogen project developments. The company will also cease new offshore wind initiatives except for ongoing commitments such as the North Irish Sea Array (NISA) project. Assessments regarding investment positions within solar power sectors, wind farms and batteries in Poland are underway, while development activities in Portugal will be discontinued, although market activities will continue. Although growth rates will be moderated compared with previous projections, solar power and wind power projects will advance in both Europe and South America. These measures will be in addition to the previously announced and ongoing divestment processes, including the district heating and biofuels activities in the Nordics, the development business in Croatia and the Netherlands, and business activities in India. In May 2025, Statkraft agreed to sell its Colombian renewable energy portfolio, Enerfín Colombia, to Ecopetrol, the national oil company of Colombia. "Statkraft to streamline operations, targeting $291m cost cuts and layoffs" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
