Italy's ERG pledges to invest 2.1 billion euros to drive green growth



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(Reuters) – Italy’s ERG pledged on Friday to spend 2.1 billion euros ($2.5 billion) over the next five years to boost its green energy business in Italy and abroad and drive earnings.

Italy’s biggest wind operator said in its 2021-2025 plan it would add 1.5 gigawatts of new capacity while core earnings would rise to 550 million euros from 481 million euros last year.

The Genoa-based group, controlled by Italy’s Garrone family, said it planned to maintain a steady dividend of 0.75 euros per share in the plan period.

It revised upward its core profit and spending guidance for this year, after adjusted net profit rose 22% in the first quarter to beat expectations, driven in part by better operating results.

At 0740 GMT ERG shares were down 3.7% after earlier falling as much as 9%.

“There was a bit of disappointment on some of the long term targets,” one Milan trader said.

($1 = 0.8258 euros)

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