Danish energy giant Ørsted has announced it will spend an estimated DKK350 billion (£40.5bn) on green energy by 2027.
The company has also updated its installed renewable energy capacity target to reach 50GW by 2030.
Of this capacity, the firm estimates 30GW will come from offshore wind, 17.5 GW from onshore wind and solar photovoltaics and approximately 2.5GW from other renewables, including sustainable biomass and renewable hydrogen.
That means it will more than quadruple its installed capacity over the next decade.
Mads Nipper, Group President and Chief Executive Officer of Ørsted, said: “Our aspiration is to become the world’s leading green energy major by 2030.
“In onshore wind and solar photovoltaics, with our proven track record in scaling and delivering attractive value and as a top-five developer in the US, it’s our aspiration to become one of the world’s top ten players in onshore renewables.”