Engie has set itself a target to achieve 95 GW of renewable energy and storage capacity by 2030
This will be an increase over the 51 GW it reported at the end of 2024
The company aims to invest up to €24 billion in CapEx over the next 3 years, with 75% set aside for renewables, batteries and power networks
French multinational electricity utility Engie has said it aims to become the best energy transition utility, setting itself the target of achieving 95 GW of installed renewable energy and storage capacity by 2030.
The management plans to invest between €21 billion and €24 billion over the next 3 years as capital expenditure, with 75% of it devoted to renewables, batteries and power networks.
At the end of 2024, Engie had installed 51 GW capacity comprising 46 GW of renewables and co-located battery energy storage systems (BESS). This includes an addition of 4.2 GW of new renewables capacity over 2024. By the end of 2025, it will achieve 57 GW capacity, thereafter targeting the addition of 38 GW by 2030.
The targeted increase is backed by its global pipeline of 115 GW, comprising 46 GW of solar, 30 GW onshore wind, 19 GW offshore wind, and 20 GW BESS. Most of it is located in the Asia Pacific, Middle East & Africa (AMEA) region, followed by North America, Europe and Latin America.
“This widely diversified and extensive pipeline lends it the necessary flexibility to be selective and generate attractive returns on investment, and more than half pertain to projects under construction, secured, or at an advanced stage of development,” stated the French group.
Engie CEO Catherine MacGregor said these targets are part of the company’s overarching ambition to become a net-zero carbon emitter by 2045.
In 2024, the company says it signed more than 85 power purchase agreements (PPA) for a total 4.3 GW of renewable energy capacity, representing 59% annual growth, with 1.9 GW in Latin America.