Norway plans to boost the financial firepower of state-owned energy group Statkraft by $1.4 billion to support its renewable power expansion at home and abroad, the company said on Friday.
Statkraft is Norway's biggest power firm in terms of output and Europe's largest producer of renewable energy, with over 350 hydropower generators in the Nordics and offshore wind assets in Britain.
"The capital will be invested in hydropower, wind power, district heating and other renewable energy technologies," Chief Executive Christian Rynning-Toennesen said.
"This will take place in Norway and Europe, as well as in growth markets in Asia and South America," he added.
The government proposed on Friday that it would inject $701 mil (approximate) in fresh capital and to reduce Statkraft's future dividends by the same amount.
The plans will require parliamentary approval.
(Reporting by Nerijus Adomaitis; Editing by Pravin Char, Reuters)