Italian renewable energy group ERG has pledged to spend 2.9 billion euros ($3.19 billion) to 2026 as it looks to grow its footprint in Europe and boost earnings by 40%.
Italy’s biggest wind operator said it was targeting some 10 markets across Europe and would generate half its core earnings abroad by 2026.
The Genoa-based group will add 2.2 gigawatts of new green capacity over the period, almost half of which will come from acquisitions for which it had allocated 1.4 billion euros.
It said a third of the new capacity would be solar, adding it also planned to develop new business lines in energy storage, floating wind and green hydrogen.
ERG, controlled by the Garrone family, used to be one of Italy’s leading oil refiners before shifting its focus to renewable energy.
The group, which raised its dividend payout to 0.9 euros per share from 0.75 euros, said it planned to have 85-90% of its core earnings semi-regulated, or guaranteed, by using tenders and power purchase agreements.
($1 = 0.9098 euros)
(Reporting by Stephen Jewkes; editing by Agnieszka Flak)
