French oil and gas player Total has put renewables at the heart of a new company strategy.
Total plans to invest up to $3bn annually in the coming years in electricity generation, mainly from green power.
The company said it aims to hit 35GW of gross capacity from renewables by 2025, 70% of which is already locked in in its portfolio.
A long-term ambition to build 10GW every year is also envisaged.
“The renewable and electricity business will generate cash flow which will amount to more than $1.5 billion per year by 2025,” said the company.
Patrick Pouyanné, Chairman and Chief Executive Officer of Total, will present the group’s strategy and outlook at an event this afternoon in Paris.
“Total’s strategy aims to transform itself into a multi-energy group by profitably growing its energy production from liquefied natural gas and electricity, the two fastest growing markets, to create value at long term for its shareholders,” added the French outfit.