Funding and credit rating
Statkraft is not a publicly listed company and is thus primarily financed through cash flow from activities, supplemented by external loans.
Statkraft’s external financing is achieved primarily through the issue of bonds and commercial papers in the NOK, SEK and EUR markets. Statkraft AS has an EMTN programme registered on the Irish Stock Exchange plc (Euronext Dublin), with standard documentation for all financing. New bonds are listed primarily in Oslo or Dublin.
Statkraft AS is the group’s parent company. Statkraft AS is wholly owned by Statkraft SF, which is wholly owned by the Ministry of Trade, Industry and Fisheries.
Statkraft debt redemption profile
Below is the maturity profile for the group’s interest-bearing debt. Figures are in NOK million.
| Debt in Statkraft AS | Commercial papers | Debt in subsidiaries | Total | |
| 2024 | 2,800 | 0 | 573 | 3,373 |
| 2025 | 6,332 | 0 | 1,302 | 7,634 |
| 2026 | 5,882 | 0 | 2,937 | 8,820 |
| 2027 | 2,800 | 0 | 620 | 3,420 |
| 2028 | 1,301 | 0 | 603 | 1,904 |
| >2028 | 42,564 | 0 | 8,036 | 50,601 |
As of 30 September 2024
Finance strategy
Statkraft AS is the issuer of debt in the group. The group shall maintain liquid reserves sufficient to operate the business for six months without issuing new debt.
The group holds an unused committed revolving facilities of EUR 1.3 billion which matures in 2028 with 1-year additional extension option. The facility was refinanced in March 2022.
The tenor of any new bond issued shall meet the need for long-term financing and ensure evenly distributed debt redemption profile.
With the debt placed in the parent company, Statkraft AS, lenders have the security afforded by the group’s balance sheet. All lenders are treated equally through pari passu clauses and negative pledge agreements in the loan contracts. Restrictions have been imposed on the subsidiaries’ capacity to borrow in their own right.
Statkraft’s target is to be a leading international renewable energy company, creating value by enabling a net-zero future. The strategy is built on creating value along four strategic pillars.
Bonds
Below you will find information on Statkraft's exchange-listed bonds.
| ISIN Code | Terms | Stock ex. | Maturity | Currency | Nominal | Coupon |
| NO0010741168 | Download | Oslo | 08.07.2025 | NOK | 450,000,000 | 3.120% |
| NO0010729478 | Download | Oslo | 21.01.2027 | NOK | 300,000,000 | 2.600% |
| NO0012541442 | Download | Oslo | 14.06.2027 | NOK | 1,500,000,000 | 4.360% |
| NO0012541897 | Download | Oslo | 14.06.2032 | NOK | 3,000,000,000 | 3.930% |
| NO0012541871 | Download | Oslo | 14.06.2027 | NOK | 1,000,000,000 | 3.625% |
| NO0013256115 | Download | Oslo | 14.06.2034 | NOK | 3,750,000,000 | 4.500% |
| NO0013378844 | Download | Oslo | 22.10.2024 | NOK | 1,400,000,000 | 4.597% |
| XS1207005023 | Download | London | 26.03.2030 | EUR | 500,000,000 | 1.500 |
| XS1582205040 | Download | London | 20.03.2025 | EUR | 500,000,000 | 1.125% |
| Download | Dublin | 13.12.2026 | EUR | 500,000,000 | 3.125% | |
| Download | Dublin | 13.09.2029 | EUR | 500,000,000 | 2.875% | |
| Download | Dublin | 13.12.2031 | EUR | 500,000,000 | 3.125% | |
| Download | Dublin | 22.03.2032 | EUR | 500,000,000 | 3.375% | |
| Download | Dublin | 09.06.2033 | EUR | 500,000,000 | 3.500% | |
| Download | Dublin | 22.03.2039 | EUR | 500,000,000 | 3.750% | |
| Download | Dublin | 14.06.2034 | SEK | 500,000,000 | 3.398% | |
| Download | Dublin | 14.06.2034 | SEK | 750,000,000 | 3M Stibor plus 0.53% |
Green finance:
Frameworks, impact reports and second opinions
The Green Finance Framework follows the ICMA 2021 Green Bond Principles and covers two eligible categories, renewable energy and clean transportation, with a look back period of three years.
CICERO Shades of Green has rated our framework CICERO Dark Green, and the framework’s governance procedures to be Excellent.
To enable investors to follow the development and provide insight into prioritized areas, Statkraft will provide an annual Green Finance Impact Report.
Statkraft’s Green Bond Framework provides the basis for all allocations and reporting in the Green Finance Impact Report.
Green Bond is our preferred financing tool used to finance Eligible Projects that promote the transition to low carbon and climate resilient growth and a sustainable economy as determined by Statkraft.
Credit analysts
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Adrien Fourcade
Deutsche Bank -
Jacob Magnussen
Danske Markets -
Knut Olav Rønningen
DnB Nor Markets -
Mark Schindele
Nordea Bank -
Nina Isoz
SEB
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