French electric utility company Engie SA will spend about 4 to 5 billion euros ($4.55 billion to $5.7 billion) annually on renewable energy development over the next three years.
With the investments, Engie will broaden an array of client services including on-site co-generation, heating and cooling networks, public lighting, rooftop solar and electric vehicle charging stations.
The renewable energy project will be fueled by up to $3.2 billion investment, which is expected to bring over 9 gigawatts in capacity online between 2019 and 2021.
Engie said it will invest up to $3.8 billion in its networks business line as well as its thermal capacity, reducing coal generation and selectively honing gas-fired capacity to customer requirements.