Ørsted has unveiled its new strategic ambition of advancing the global build-out of renewable energy and set a target of achieving nearly 50GW of installed capacity by 2030.

The target of 50GW includes about 30GW from offshore wind, 17.5GW from onshore wind and solar PV, and 2.5GW from other renewables, including sustainable biomass, renewable hydrogen, and green fuels.

To support its plans, the Danish power company intends to invest around DKK350bn ($57.3bn) in green energy from 2020 to 2027.

Ørsted said that of the total investment, 80% is expected to be invested within offshore wind, including renewable hydrogen, and 20% in onshore.

In May, the company has broken ground on the H2RES project, marking the onsite construction start of its first renewable hydrogen project.

Ørsted Group president and CEO Mads Nipper said: “With the opportunities we see across all of our segments, we now set the ambition of reaching approx. 50 GW of installed renewable energy capacity by 2030, more than quadrupling our installed capacity over the next decade.

“With this strategic ambition, we’re positioning Ørsted to be a leading player in a future energy system with more renewable energy which will be much more integrated across technologies and tied together by new infrastructure and increased digitalisation.”

Over the past decade, Ørsted has built a portfolio of 12GW of installed renewable capacity.

Between 2020 and 2027, Ørsted anticipates a growth in operating profit (EBITDA) from offshore and onshore assets in operation of around 12% per annum.

Furthermore, the company has banned the landfilling of wind turbine blades with immediate effect, and has committed to either reusing, recycling, or recovering all of the blades from repowering or decommissioning of wind farms.

In March, Ørsted started the full-scale offshore construction activities at the 900MW Greater Changhua 1 and 2a offshore wind farms in Taiwan.

The Greater Changhua offshore wind projects are planned to be developed on four sites in the Taiwan Strait.