What is the company's projected annualized cost productivity gain through the five-year forecast period 
rong performance and realized cost savings achieved over the last three years, this trajectory implies a 1% to 2% annualized cost productivity gain through the five-year forecast period. The planned beneficial infrastructure investment and additional O&M savings enabled us to extend our top-tier 6% to 8% annual growth rate and adjusted earnings per share through 2025. We're able to fund this plan with significant cash flow and modest incremental debt, allowing us to maintain our strong balance sheet and credit metrics with no planned incremental equity through 2025.
Lastly, we showcased our strong ESG profile, including our significant progress in clean energy and changing our generation mix. In 2020, 50% of our energy was emissions free and we achieved a 51% reduction in Evergy's CO2 emissions relative to 2005 levels. We stack up well relative to our Midwest peers in terms of both clean energy delivered to our customers and reduction in carbon emissions. We have ambitious, but achievable goals as we advance toward our target of net zero carbon by 2045.
Slide seven outlines our resource plan through 2026. To further lower energy cost for customers and reduce emissions, we plan to add more than 1,300 megawatts of new renewables split between over 500 megawatts of solar and 800 megawatts of wind through a series of yearly additions. We also plan to retire coal operations at our plant in Lawrence, Kansas. In September, we initiated a regulatory proceeding in Kansas called predetermination, seeking approval in advance for the Lawrence coal retirement and for the first 190 megawatts of solar generation. We expect to have an order in this proceeding by mid-2022.
In October, we also issued a request for proposal for 800 megawatts of wind generation projects we have sequenced across 2024 and 2025 for the benefit of Kansas and Missouri customers. Bids are due later this month, and we plan to select a short list of projects before the end of the year. We are targeting having negotiations completed by mid-2022. In parallel, we will continue to evaluate potential opportunities to buy in and repower existing power purchase agreements as initial production tax credits expire.
Before handing it over to Kirk, I'll wrap up on Slide eight, which summarizes the Evergy value proposition. The left-hand side of the page covers what we're focused on and how we plan to execute our strategy, which I discussed in depth during our Investor Day. The core tenets of our strategy are to advance affordability, reliability and sustainability through a relentless focus on our customers, supported by stakeholder and collaboration, sustainable investment and financial and operational excellence. The right-hand side of Slide eight features what we believe are particularly attractive and distinctive features for our company.
First, we are an all-electric regulated utility with significant benefits delivered since the merger and further opportunities that we will capture through continuous improvement, performance management and sustained consistent execution. Second, we have significant opportunities ahead for the ongoing transition of our generation portfolio. And we can do so cost effectively given that we'll be replacing coal with low-cost renewables, which is a win-win for affordability and sustainability. Third, we are geographically advantaged given our proximity to world-class wind resources in Kansas. We are well positioned to participate in the renewables and transmission build-out that will occur as part of the national transition to a clean energy economy.
And finally, we are targeting a high-performing 6% to 8% annual growth rate and adjusted earnings per share through 2025 at the top rank with our peers. We are very excited about the opportunities for our company, and we are deeply committed to the sustained effort required to deliver against our high performance objectives.
I will now turn the call over to Kirk.
Kirkland Andrews -- Executive Vice President, Chief Financial Officer
Thanks, David, and good morning, everyone. I'll start with resul
rong performance and realized cost savings achieved over the last three years, this trajectory implies a 1% to 2% annualized cost productivity gain through the five-year forecast period. The planned beneficial infrastructure investment and additional O&M savings enabled us to extend our top-tier 6% to 8% annual growth rate and adjusted earnings per share through 2025. We're able to fund this plan with significant cash flow and modest incremental debt, allowing us to maintain our strong balance sheet and credit metrics with no planned incremental equity through 2025.
Lastly, we showcased our strong ESG profile, including our significant progress in clean energy and changing our generation mix. In 2020, 50% of our energy was emissions free and we achieved a 51% reduction in Evergy's CO2 emissions relative to 2005 levels. We stack up well relative to our Midwest peers in terms of both clean energy delivered to our customers and reduction in carbon emissions. We have ambitious, but achievable goals as we advance toward our target of net zero carbon by 2045.
Slide seven outlines our resource plan through 2026. To further lower energy cost for customers and reduce emissions, we plan to add more than 1,300 megawatts of new renewables split between over 500 megawatts of solar and 800 megawatts of wind through a series of yearly additions. We also plan to retire coal operations at our plant in Lawrence, Kansas. In September, we initiated a regulatory proceeding in Kansas called predetermination, seeking approval in advance for the Lawrence coal retirement and for the first 190 megawatts of solar generation. We expect to have an order in this proceeding by mid-2022.
In October, we also issued a request for proposal for 800 megawatts of wind generation projects we have sequenced across 2024 and 2025 for the benefit of Kansas and Missouri customers. Bids are due later this month, and we plan to select a short list of projects before the end of the year. We are targeting having negotiations completed by mid-2022. In parallel, we will continue to evaluate potential opportunities to buy in and repower existing power purchase agreements as initial production tax credits expire.
 Before handing it over to Kirk, I'll wrap up on Slide eight, which summarizes the Evergy value proposition. The left-hand side of the page covers what we're focused on and how we plan to execute our strategy, which I discussed in depth during our Investor Day. The core tenets of our strategy are to advance affordability, reliability and sustainability through a relentless focus on our customers, supported by stakeholder and collaboration, sustainable investment and financial and operational excellence. The right-hand side of Slide eight features what we believe are particularly attractive and distinctive features for our company.
First, we are an all-electric regulated utility with significant benefits delivered since the merger and further opportunities that we will capture through continuous improvement, performance management and sustained consistent execution. Second, we have significant opportunities ahead for the ongoing transition of our generation portfolio. And we can do so cost effectively given that we'll be replacing coal with low-cost renewables, which is a win-win for affordability and sustainability. Third, we are geographically advantaged given our proximity to world-class wind resources in Kansas. We are well positioned to participate in the renewables and transmission build-out that will occur as part of the national transition to a clean energy economy.
And finally, we are targeting a high-performing 6% to 8% annual growth rate and adjusted earnings per share through 2025 at the top rank with our peers. We are very excited about the opportunities for our company, and we are deeply committed to the sustained effort required to deliver against our high performance objectives.
I will now turn the call over to Kirk.
Kirkland Andrews -- Executive Vice President, Chief Financial Officer
Thanks, David, and good morning, everyone. I'll start with resul