CHONGQING -- China Guodian Corp is planning to invest 20 billion yuan ($3 billion) in the development of energy programs in southwest China's Chongqing municipality over the next five years, the company said in a statement Sunday.

According to an agreement between China Guodian Corp and the Chongqing municipal government, the company will fund a variety of energy projects, including thermal power stations, wind power stations, natural gas power stations and biomass power stations in Chongqing and its surrounding regions.

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"Chongqing's fast economic growth has brought great opportunities for the development of energy," said Zhu Yongpeng, general manager of China Guodian Corp, one of the country's largest State-owned power companies.

Zhu estimates that Chongqing's power consumption will grow at an annual average rate of 12.1 percent over the next five years.

In 2010, energy consumption in Chongqing totaled 62.5 billion kilowatt-hours (kWh).

Tong Xiaoping, vice mayor of Chongqing, said the total installed capacity of Chongqing's power stations will double to 22 million kWh by the end of 2015 to accommodate the growing demand.

China Guodian is a Fortune Global 500 company that focuses on the development, investment, construction, operation and management of electrical power.

The company's total assets hit 522.4 billion yuan by the end of 2010.