Norwegian renewable energy giant Scatec has unveiled plans to invest NOK100 billion (£8.4bn) in renewables over the next four years.

The company has set a target of having 15GW of total renewable capacity of renewable projects by 2025, compared to the current 3.3GW.

A few months ago, the firm acquired hydropower company SN Power for $1.17 billion (£900m), a move that it says significantly benefitted its cash flow.

Raymond Carlsen, Scatec’s Chief Executive Officer, said: “From the very first day, Scatec has been a frontrunner in an increasingly dynamic renewables market and we continue to lead.

“In line with our broadened strategy, we are developing renewable energy solutions and combining solar, wind, hydropower and storage to the benefit of our growing customer base of state utilities and large energy consumers.”