Alinta Energy wants at least one in five of its customers powered entirely by renewable energy by 2020.

The company says it plans to bring a gigawatt of new renewable energy online following its acquisition of Victoria’s Loy Yang B brown coal-fired power station late last year.

It finalised the $1 billion acquisition of Loy Yang B on Monday, ensuring that the plant – which supplies nearly a fifth of Victoria’s energy – continues to operate, and is now targeting a rapid expansion of its renewable energy assets by 2020.

“We’re targeting in excess of 1000 megawatts of renewable energy in the next three to four years,” Alinta Energy chief executive Jeff Dimery told Fairfax Media.

This is the same level of generation as the Loy Yang B power plant.