Engie is accelerating its renewables annual growth rate to 4GW in 2022-25 and 6GW in 2026-30.
The target forms part of Engie’s commitment for long-term sustainable growth and a 2045 net zero carbon commitment.
To achieve these commitments, Engie said it is “concentrating on core activities with a focused geographic footprint and strong local stakeholder relations”.
By 2023, the energy company’s geographic footprint will be reduced to less than 30 countries compared to 70 in 2018.
The group has streamlined its organisation from 25 business units to four group businesses.
Engie said it will drive growth through the renewables and energy solutions businesses, whereas networks and thermal offer a yield profile.
These four businesses will be fully responsible for their P&Ls to improve delivery of targets and align them with commitments, Engie said.
Engie chief executive Catherine MacGregor said: “We are repositioning ENGIE to capture significant growth opportunities. The Group is committed today to embracing its role of industrial leader, with clear priorities, focused on operational excellence and delivery.
“A simpler ENGIE will be uniquely positioned to drive an affordable, reliable, and sustainable energy transition. With a stronger focus on renewable power, distributed energy infrastructure and renewable gases, ENGIE is building today the low carbon energy system of tomorrow.”