• Discusses data center pipeline
• Focus remains on clean energy projects, despite near-term natural gas activity

ENGIE provided an updated breakdown of its global pipeline of capacity during its 2025 earnings report issued on February 2026 including 7.9 GW of capacity under construction and a 28 GW pipeline in North America.

The firm reported the commissioning of 6.2 GW of capacity in 2025 including 2.4 GW in the US, 1.6 GW in Europe, 1.6 GW in Latin America and 600 MW in Asia, the Middle East and Africa (AMEA).

CEO Catherine MacGregor said the US additions were led by battery storage as part of a pipeline taken on when the firm acquired Broad Reach Power in 2023. It also signed 4.8 GW of PPAs in the year, which is up 11 percent year over year from 2024. MacGregor said 3.6 GW of this was made up of corporate clean PPAs.

Gas is notably absent from much of ENGIE’s projections including here in the US, which MacGregor said is a concerted effort as the firm seeks to achieve net zero emissions by 2045 and is being “very careful” with its CO2 budget.

“We are pragmatic about energy transition and about CO2, but we are committed to decrease our trajectory,” MacGregor said. “There is a lot that we can do today with smart renewables and batteries which are unbeatable especially with the supply chain situation on gas plants. Today everybody loves gas, but I don’t know if they will be in five years. It’s not going to be a big chunk of our capex going to those assets.”

The earnings report also briefly touched on the firm’s data center pipeline, calling for just 3 to 4 GW of datacenter load co-sited by 2030. ENGIE reports that it signed 6 GW of PPAs with data center customers last year, which makes up the entirety of its total data center pipeline. It still considers almost all of this pipeline “early stage.” More than half of this pipeline is based in North America.

MacGregor said the data center pipeline represents “30 or 40 projects” and that the 2030 goal is a new one for ENGIE. She said the firm has “quite a bit of what data centers want” including an asset base and local presence to “speed access to energy.” In particular, MacGregor says co-siting with data centers “represents significant value-creating opportunity for ENGIE through a certain number of levers including land, margin uplift and PPA supply volumes.” However, she also cemented that ENGIE will not be directly investing or co-developing data centers and will focus exclusively on providing power to data center customers.

Global Clean Energy Pipeline

Renewables and battery storage are expected to make up 44 percent of ENGIE’s total capex expenditures through 2028 with another 45 percent earmarked for infrastructure investments including its plan to acquire UK Power Networks for EUR 10.5bn the firm announced as part of this report. By 2030, ENGIE expects to have 95 GW of capacity installed up by 38 GW over where it is today at 47 GW.

ENGIE now reports that 7.9 GW is currently under construction out of a total global pipeline of 121 GW, which grew by 6 GW in 2025. 28 GW of that pipeline is based in North America with another 29 GW in Europe, 53 GW in AMEA and 11 GW in Latin America.

ENGIE lists 17 GW of this pipeline as “secured and in execution” with another 53 GW considered “advanced development.” The final 51 GW is listed as “under development.” 48 GW of the total pipeline is made up of solar followed by 34 GW of storage, 28 GW of onshore wind and 13 GW of offshore wind.

NPM is currently tracking 103 pre-operational projects in the US from ENGIE with a combined capacity of over 13.5 GW. The majority of that capacity at 8.96 GW is based in ERCOT followed by roughly 1 GW in PJM, 700 MW in MISO and 600 MW in SPP. Six of those projects reached an advanced stage last year including 450 MW Dolphin Solar in Indiana, 301 MW Seine Storage in Texas, and 200 MW Spring Hill Wind in Kansas.