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Report: Engie to develop 4.5 GW of renewables via power purchase agreements

Engie SA expects to develop 4,500 MW of new renewable energy projects through power purchase agreements, or PPAs, with large companies and cities between 2019-2021.

The French utility has a total wind and solar development portfolio of 9,000 MW and said about half that capacity will be realized via PPAs, according to a Reuters report.

Industrial power consumers are increasingly seeking ways to buy the output from renewables projects to power their operations.

Engie typically divests 50%-80% stakes in its projects, which helps reduce the estimated investment cost for the 9,000 MW pipeline to €2.5 billion from €8.8 billion over the three-year period.