(Bloomberg) -- REN-Redes Energeticas Nacionais SA, the operator of Portugal’s electricity and natural gas grids, said it plans to boost investment through 2027 as it links more solar energy projects to the network.

The Lisbon-based company plans to invest €1.5 billion ($1.6 billion) to €1.7 billion in 2024-2027, or an annual average of about €350 million to €450 million. That’s about 70% higher than in the 2021-2023 period, REN said in a presentation on Monday.

The increase in investment in the electricity area will be “mostly” related to solar energy projects, REN Chief Financial Officer Goncalo Morais Soares said in an interview on Monday.

Besides investment on electricity assets, which will represent 65% of the total, REN will be allocating about 25% of its capital spending on gas assets. Projects in that area include developing infrastructure for green hydrogen and biomethane.

REN said the remaining 10% of its investment through 2027 will be carried out in Chile, where it already has assets. REN isn’t planning to expand internationally in other countries, according to the CFO.

“There are growth opportunities in Chile,” Morais Soares said. “We’re not considering investing outside that country.”

REN also announced on Monday that it wants all of its debt to be green debt by 2030.

China State Grid Corp. is REN’s biggest shareholder with a 25% stake. Spanish billionaire Amancio Ortega owns a 12% stake in REN through Pontegadea Inversiones SL.

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