Norway’s Statkraft has unveiled plans to invest roughly 10 billion Norwegian crowns ($1.23 billion) per year in renewable energy between 2019 and 2025.

In an announcement Wednesday, the state-owned energy firm said it wanted to increase its onshore wind capacity to 6 gigawatts (GW) by 2025. In addition, it wants to boost solar capacity to 2 GW, also by 2025. Annual investments in the „renewal” of Norwegian hydropower plants will reach around 1.2 billion Norwegian crowns, it added, according to CNBC.

„The combination of our unique portfolio of flexible hydropower, in-depth market understanding, innovative solutions, as well as our customers’ increased interest in renewable energy make us a preferred partner for both producers and consumers of clean energy,” Christian Rynning-Tonnesen, Statkraft’s CEO, said in a statement.
Statkraft said that its investments would be financed, in part, through earnings from existing businesses, supplemented by „systematic divestments of shares in completed solar and wind projects to financial investors.”

The largest generator of renewable energy in Europe, Statkraft employs 3,500 people and produced 63 terawatt hours of power in 2017.