Eni – the historically oil and gas-focused Italian energy group – has pledged to invest €1.2bn ($1.5bn) to develop 1GW of new renewable energy capacity by 2021 and expects to unveil its first joint project with GE this year.

Under its new strategy, unveiled on Friday in London, the group said it will increase its wind and solar installed capacity by 400MW over 2018 and 2019, from current levels of 63MW.

The company is also committed to develop other types of renewable resources, including concentrated solar power (CSP), biofuels and green refineries.