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French multinational utility Engie has issued €1.5 billion of green bonds.

The development expands the utility's total green bonds issued to €8.75 billion.

Of the €1.5 billion of green bonds, 75% will finance green projects in the renewable energy and energy services sectors.

Judith Hartmann, Chief financial officer at Engie, said the firm “… has undertaken to reconcile the company's long-term vision with the financial objectives of investors. Green bonds, which help fund our clients' zero carbon transition, are an essential lever for doing so".

The move is part of efforts by Engie to expand its role in the energy transition.

Since 2014, the energy provider has issued 6 green bonds in the clean energy industry, including one worth EUR 1 billion in January 2019.