"The capital will be invested in hydropower, wind power, district heating and other renewable energy technologies," said CEO Christian Rynning-Tønnesen.
"This will take place in Norway and Europe, as well as in growth markets in Asia and South America," Rynning-Tønnesen added.
The government's contribution will be via a NKr5bn equity injection, with the remainder realised through reductions in future dividends.
"We are very pleased with the government's support for the company's strategy.
