Greece's dominant electricity producer PPC plans to invest about €2bn ($2.8bn) per year by 2015 to cut carbon emissions, and is in talks to build Greece's biggest solar park.
PPC chief executive Arthouros Zervos told Reuters: "We want to use at least 30 to 40% from our cashflow. We will borrow the rest."
The target will be included in an updated business plan to be presented early next year.
PPC is one of Europe's biggest polluters and is investing heavily to produce cleaner energy and avoid facing carbon emission costs of €1bn a year from 2013.