France’s most iconic landmark is about to undergo a €300m (US$320m, £260m) renovation, with officials announcing a massive 15-year project that will preserve the attraction for many decades.

The 128-year-old structure, originally designed by Gustave Eiffel as a temporary structure for the 1889 Universal Exhibition, now attracts more than 7 million visitors a year and is a symbol of the French capital.

Works will include a full structural analysis, with plans also to replace the structure’s lighting systems and elevators – some of which use the tower’s original workings. Improvements will also include modernisation of security technology and enhancement of visitor experience through improved facilities.

Around €20m (US$21.4m, £17.4m) will be invested each year over a 15-year period, an increase from the €13.7m (US$14.6m, £11.9m) spent each year on essential maintenance of the tower, which is also repainted every seven years over the course of 20 months.

The announcement coincides with Parisian officials’ plans to host the 2024 Olympic Games and the 2025 World Expo.

The project will be managed by the tower’s operator, the Société d’Exploitation de la Tour Eiffel. The renovation proposal will be presented to Paris council at the end of January for final approval.

The tower most recently underwent major works in 2012 – a project completed in 2014 that included a walk over glass floor, shops, restaurant and an events and conference space, all on the tower’s first floor. Prior to that, major work had not been carried out on the tower since 1986.