French energy group Engie will decommission two coal-fired plants in Chile by the end of 2024 and aims to build 1GW of wind and solar assets in the South American nation, helping accelerate its coal exit.

The company said the renewable energy build-out will require $1bn in investments and includes 370MW of PV already being built.

The two coal plants – the 162MW Mejillones CTM 1 and 172MW Mejillones CTM 2 – had originally been scheduled for shutdown at an unspecified point between 2024 and 2040, by when the country says it will have switched off all 5GW of coal-fired capacity.