Norway’s state-owned Statkraft is one of Europe’s largest renewable energy producers. It launched a wind and solar development unit covering Spain and Portugal from its Madrid office in 2019, and announced in June 2025 that it is closing down its Portuguese development activities as part of a strategic refocus on Nordic hydropower and core European markets.
Statkraft formally entered the Iberian renewables market in November 2019, opening a Madrid office and announcing a Spain & Portugal wind and solar development unit. The move sat inside the company’s 2020–2025 strategic plan to add roughly 6 GW of onshore wind and 2 GW of solar globally, and built on its earlier Iberian PPA with the Don Rodrigo solar plant near Sevilla.
In June 2025 Statkraft announced the outcome of a strategic review: it would refocus on its flexible Nordic hydropower fleet, market operations and a tighter European/South American footprint — and wind down development activities in Portugal. The Portuguese pipeline that was being shaped between 2019 and 2025 will not progress under Statkraft’s own ownership, and the company’s active corridor presence going forward is concentrated in Spain and the Nordics.
Statkraft is a textbook example of how the Nordic → Iberian renewables wave reached Portugal — and of the more selective stance Nordic state and quasi-state players are now taking. Its 2019 entry was a leading indicator for the Iberian wind/solar boom; its 2025 exit is a leading indicator that the corridor’s next chapter will be driven less by greenfield developer offices and more by capital recycling, repowering and hybridisation.
Fractio helps Nordic companies enter the Portuguese market — from market sizing to first sales, hiring, and legal setup.
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