The board of directors of Italian company ERG has approved the Industrial Plan and the ESG Plan 2022-2026 which aims to increase installed capacity by 2200MW by 2026 to 4600MW.
ERG said will spend €2.9bn to instigate the strategy, which will continue to be focused on growth in renewables and in particular in wind and solar technologies through a policy of portfolio repositioning, technological and geographical diversification and progressive revenue security.
The reinvestment of resources deriving from asset rotation represent an additional financial leverage to generate growth in clean power, the company said.
ERG chief executive Paolo Merli said: “Thanks to the results achieved in 2021, in terms of growth and transformation of the business model, we are now in a position to relaunch, raising the level of challenge to be even more protagonists of the energy transition in Italy and Europe.
“The current international crisis context significantly increases the sense of urgency and our personal commitment to help reduce dependence on gas without forgetting the essential objectives of decarbonisation and the fight against climate change.
“The objectives we have set ourselves to increase installed capacity by 2.2GW by 2026 are challenging but at the same time solid, because they are mostly guaranteed by projects under construction or in an advanced stage of development at a time of significant financial strength of the Group.”