Europe’s largest renewable power generator, Statkraft, is planning to invest a record up to €6bn ($6.6bn) to upgrade its existing domestic hydro and wind power plants and expand its onshore wind capacity in Norway.

Of the overall amount, about €1bn is earmarked for the repowering of existing and the construction of new wind farms on land, which will further boost the company’s transformation into a global wind power giant after recent massive capacity acquisitions ranging from neighbouring Sweden to Brazil.