Iren to invest 10.5 billion euros by 2030 to ramp up green efforts
Recasts with plan to 2030, adds details, shares
March 23 (Reuters) -Italy's Iren IREE.MI plans to invest 10.5 billion euros ($11.4 billion) over the next eight years to ramp up its green efforts and reach 3.6 gigawatts of renewable capacity by 2030, the regional utility said on Thursday.
Iren said it had earmarked 7.5 billion euros for sustainable investments under the plan, which does not include a further 1.5-billion-euro project portfolio in regulated businesses to be carried out with financial partners.
Several Italian energy providers have reported rising profits last year as prices spiked and have increased their spending in alternative sources to meet global development goals.
Under the eight-year plan, Iren expects its core earnings to total 1.87 billion euros by 2030, adding that net profit is now expected to come in at 460 million euros.
The company also forecast 3,200 new hires along the plan's span and confirmed its dividend policy until 2025, followed by a pay-out ratio of 50-60%.
Earlier on Thursday, the water, gas and electricity distributor pledged to distribute a dividend of 0.11 euros per share for last year.
It also said it would invest over a billion euros this year and "on the strength of this development capacity" forecast better financial results than in 2022, when core earnings rose 3.8% despite inflationary pressures and the impact of dry weather conditions on the energy supply chain.
($1 = 0.9189 euros)
Reporting by Alessandro Parodi, editing by Federico Maccioni and Gianluca Semeraro
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