Danish energy firm Orsted has unveiled an "extensive investment program" that will see it invest around 200 billion Danish krone ($30.26 billion) in green energy between 2019 and 2025.
Breaking the figures down, Orsted said that investments in offshore wind farms were expected to make up 75 to 85 percent of the program, with onshore investments accounting for 15 to 20 percent. Bioenergy and customer solutions were expected to represent 0 to 5 percent of the spending.
"Today, our portfolio consists of 11.9 GW (gigawatts) of offshore and onshore wind farms and biomass-fired combined heat and power plants that are either in production, under construction or have been given final investment decision," Henrik Poulsen, Orsted's CEO and president, said in a statement Wednesday.
"Towards 2030, it's our strategic ambition to reach an installed capacity of more than 30GW, provided that the build-out creates value for our shareholders," Poulsen added. "As an important step, we're raising our 2025 ambition for offshore wind from 11-12 GW to 15 GW."
Orsted is a world leader in offshore wind. In September, the business officially opened the Walney Extension Offshore Wind Farm, the world's largest operational offshore wind facility.
Located in the Irish Sea, it has a total capacity of 659 megawatts and is capable of powering nearly 600,000 homes in the U.K. Orsted owns 50 percent of the project, with Danish pension funds PFA and PKA owning 25 percent each.
Europe as a whole is a major player in the offshore wind sector. It is home to more than 4,000 offshore wind turbines across 11 countries, according to trade body WindEurope.
Thirteen new offshore wind farms were completed in 2017, including the world's first floating offshore wind farm, Hywind Scotland, located 25 kilometers off the coast of Peterhead, Aberdeenshire.