GE announced Wednesday that it had reached an agreement with the European Commission to fund projects to create a grid of solar cells for Europe’s electricity network.
The $7 billion project will help Europe transition from a reliance on fossil fuels and the carbon cycle to sustainable energy sources.
The solar energy project will create 5,000 new jobs, and the company says it will pay its employees 1,500 euros ($1,834) per month.
The agreement with Brussels is the largest solar energy investment in Europe, and GE says it is now the largest investor in solar in Europe.
GE says that this agreement with Europe is the first of its kind to involve the European Union in a solar project.
“This is an important step in GE’s strategy to help us transition from fossil fuels to renewable energy,” GE chairman and CEO John Flannery said in a statement.
“The world’s largest solar company is proud to support the world’s leading solar projects with this important investment.”
GE has been investing in clean energy for years, but it is only now that the solar industry has taken off that GE has come out swinging.
In January, GE announced that it was launching a $20 billion fund to help companies with energy challenges.
That same month, GE said that it has invested $4 billion in clean-tech start-ups, including $1 billion in SolarCity and $600 million in SolarPower.
The company said that the investments are aimed at helping companies to transition to clean energy.
GE also has been making progress on its plan to bring solar power to homes and businesses in the United States, where it plans to install more than 1 million panels and create about 1,000 jobs.
In the U.K., GE will invest $3 billion to help the country transition to renewable electricity.
GE said in its announcement that it will create 1,200 new jobs and is planning to invest up to $500 million to create 5 gigawatts of clean energy by 2020.