Published on 20th May 2021
French energy company Engie’s CEO Catherine Macgregor announced her plans of selling EUR 9 billion to 10 billion worth of company assets by 2023 and redirecting the proceeds into investments including renewable energy in a bid to simplify its structure and boost shareholder value.
Engie, whose biggest shareholder is the French state, said it expects to increase its installed capacity in renewables to 50 GW by 2025 and 80 GW by 2030. The company intends to between EUR 15 billion and EUR 16 billion from the current year (2021) until 2023; with 55% of that sum now committed and between 40 and 45 % earmarked for renewable energy, the future seems bright. Overall, it expects the investments to generate an additional EUR 1 billion in operating profit over the same time period.
Engie also stated that it would cut down its geographical presence to less than 30 countries by 2023 from 70 in 2018.
Engie intends to construct 4 GW of green hydrogen capacity by the end of the decade, as well as 700 km of dedicated hydrogen networks with 1 TWh of storage capacity and over 100 refueling stations, according to its participation in the hydrogen market.
Engie said in April that it would cease coal-fired power production in Chile by 2025. In Western Australia, the French company is also working on a green hydrogen project.
