Danish energy company Ørsted has announced plans to increase its investment in renewables to DKK350bn ($57bn) by 2027 to realise its full potential as a global green energy major.

Of the total investment, 80% could be invested in offshore wind, including renewable hydrogen, while 20% is expected to be allocated to onshore wind.

The investment decision would accelerate the company’s average yearly investments by around 50% since its last Capital Markets Day announcement in 2018.

Ørsted has set a target to have 50GW of renewable energy capacity installed by 2030.

Of this capacity, almost 30GW will come from offshore wind, while around 17.5GW will come from onshore wind farms and solar photovoltaic (PV) facilities.

The company aims to source almost 2.5GW from other renewables, including sustainable biomass, renewable hydrogen and green fuels.

Ørsted Group president and CEO Mads Nipper said: “Our aspiration is to become the world’s leading green energy major by 2030.

“With the offshore wind industry’s largest concrete development pipeline, our global development organisation and our industry-leading commitment to innovation, it’s our clear aspiration to remain the global market leader in offshore wind.

“In onshore wind and solar PV, 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.”

Ørsted’s Board of Directors has approved the company’s new strategic ambition and financial guidance in connection with its Capital Markets Day.

The company has also announced a ban on the landfilling of wind turbine blades with immediate effect.

Going forward, it plans to either reuse, recycle or recover all blades coming from the repowering or end-of-design-life decommissioning of its onshore and offshore wind farms.

Last month, Ørsted partnered with Japan Wind Development (JWD) and Eurus Energy to develop offshore wind projects in Japan’s Akita Prefecture.

The partnership will combine JWD’s knowledge of the Japanese power market, Ørsted’s experience in offshore wind farms development and Eurus Energy’s operational track record in the Akita Prefecture.