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

© Reuters.

(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)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  China's Xiaomi says U.S. has formally lifted securities ban



Please enter your comment!
Please enter your name here