Toshiba plans to widen its renewable energy portfolio by investing approximately JPY700bn ($8.6bn) in the environment and energy sectors over the next three years.
The decision was taken amid the Fukushima atomic crisis that weakened the prospects of its nuclear power business.
Toshiba plans to allocate more than JPY3tn ($40bn) for its capital and research and development budget for 2011-13, as it plans to tap into the market for various renewable sources of energy and smart grids.
The company recently announced its plans to acquire smart-meter manufacturer Landis+Gyr for around $2.3bn, reports Reuters.
It also formed an alliance with the South Korean wind power firm Unison by buying JPY3bn ($40m) of Unison’s convertible bonds and plans to gradually increase its stake to 30% in a year’s time.
Toshiba also pans to increase the production from a lithium ion battery plant in Kashiwazaki, Niigata Prefecture, anticipating its increased usage in the smart-grid systems.