Engie’s renewables business earnings before interest and tax (EBIT) reached €2bn in 2023 an increase of 23% compared with 2022.
Last year the French developer added 3.9GW of renewable capacity, comprising 1.9GW in North America, 800MW in Europe, 700MW in Latin America and 400MW in the rest of the world.
Engie’s total installed renewables capacity is now 41.4GW.
As of 31 December 2023, the company reported 6.3GW of capacity under construction from 60 projects.
More than 70 PPA contracts were signed in 2023 for a total of 2.7GW, of which 2GW with a duration longer than five years.
In 2023, Engie strengthened its renewable energy platform in South Africa with the acquisition of BTE Renewables (340MW in operation with a 3GW pipeline) and the consolidation of Kathu, a 100MW concentrated solar power plant.
Engie is aiming for a total installed capacity target of 50GW of renewables by 2025 and 80GW by 2030.
This ambition is supported by a pipeline of 92GW at the end of December 2023, up 12GW compared to end of December 2022.
In 2023, Engie accelerated its development in batteries with the commissioning of Hazelwood in Australia, its largest battery energy storage system in operation, and the acquisition of Broad Reach Power (BRP) in the United States.
Engie also obtained the construction permit for a 200MW battery energy storage system at the Vilvoorde site in Belgium, to be commissioned in 2025, with a 15-year capacity contract with Elia, the Belgian transmission network operator, from 2027.
At the end of December 2023, Engie had 1.3GW of BESS in operation and 3.6GW secured under development, mainly in the United States, Chile, Australia, Belgium and UK, in line with the objective to reach 10GW of batteries installed by 2030.