Norwegian state-owned utility Statkraft has announced its intention to invest near US$2 billion through 2018 for upgrades and modernization to its hydroelectric power fleet.
The company announced the program in its latest quarterly statement that was released earlier this week.
Statkraft said the rehabilitation works are primarily intended to extend the life of its hydropower plants, meaning increases to the company's cumulative hydropower output will likely be insignificant.
The report shows that hydropower accounted for about 95% of Statkraft's total output in 2013. The company has hydroelectric assets in Norway, Finland, Sweden, Germany, the United Kingdom, Peru, Chile, Brazil, Sri Lanka, India and the Philippines.
HydroWorld.com reported in June 2013 that the company had signed an agreement with the Norwegian Investment Fund for Developing Countries (Norfund), expressing the group's intention to restructure and prolong their cooperation within renewable energy.
The company also announced its entry into the Albanian market that same month.