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.
