ERG to spend EUR1.9 billion in renewables advancement
- Energy company ERG's board of directors have authorized a plan to invest EUR1.9 billion (US$ 2.31 billion) to add 1.5 GW of renewable resource ability to its portfolio.
The Italian group has revealed its 2021-2025 company plan, which specifies that it will certainly increase its installed renewables ability to 4.7 GW by finishing 400MW of projects in the UK, Poland, France and Sweden that are presently incomplete, changing 200MW of Italian wind projects, as well as including 300MW of greenfield wind and solar projects, in addition to obtaining 600MW of additional ability from M&A purchases. ERG stated it will certainly likewise increase the headcount in its renewables development business to 100, up from 80 in 2020, while some operations as well as maintenance (O&M) might be brought internal depending on the partnership opportunities readily available out there it runs in.
ERG has actually also targeted Europe's arising power acquisition arrangement (PPA) market, revealing on Friday (14 May) it has actually authorized a ten-year handle technology company TIM, and will supply the company with 3.4 TWh of tidy energy until 2031.
" Since our last business plan in 2018 there have been adjustments in the renewables market," ERG chief executive Paolo Luigi Merli claimed on a call with experts today (17 May), adding that "the massive potential of renewables ... is stagnating onward as quickly as it must be". The Chief Executive Officer noted that bottlenecks in allowing and also grid links offers a challenge for future implementation. He stated the business would seek new renewables financial investments with "reduced" however more stable returns, such as PPAs and Italy's power auctions.
The PPA market, he claimed, "is obtaining progressively throughout Europe. Corporate PPAs are on the increase with clear prevalence in Nordics and Spain. Italy in this context still lacks behind."
