The circular economy is confirmed as the guide of the environmental sector, which makes provision for an investment plan of about EUR 2 billion. Of which 64% is intended for the development of supply chains connected to urban waste collection, including the expansion of treatment and recycling capacity (organic fraction, wood, paper and plastic) also through partnerships, positioning on emerging supply chains (electronics, textiles, batteries) and the development of 2 waste-to-energy plants to fill the local infrastructure gap in the management of unsorted waste. The remaining 36% is intended for the collection activity for territorial development, through consolidations and tenders, the extension of the punctual pricing model and an improvement in the quality of the service through the adoption of automated processes, digitalisation and electrification of fleets.

These investments enable EBITDA of EUR 440 million to be achieved in 2030 (EUR +175 million compared to 2022). 

The development of renewable energy sources, in line with the decarbonisation objective of the generation park aimed at maintaining the ESG Science Based Target certification, is enriched compared to the previous plan and envisages the achievement of 3 GW of new capacity. In addition to the 2.2 GW of onshore photovoltaic and wind power capacity already planned, 0.4 GW of offshore wind power capacity under co-development and 0.4 GW of energy communities are to be added. In addition, the renewal of hydroelectric concessions, the development of storage consistent with the growth of renewable sources, the completion of flexibilization of cogeneration plants, and the development of district heating in the medium to long term are planned. Finally, the disposal of thermoelectric generation assets not functional to district heating after 2026 is confirmed.

In support of these projects, a total of EUR 2.8 billion is planned for investments aimed at supporting the achievement of an end-of-plan EBITDA of EUR 450 million (EUR +134 million compared to 2020)

Iren's commitment is aimed at increasing customer value, thanks to higher expected electricity consumption and to the further boost given by IrenPlus services/products, and at reducing the churn rate following the improvement of service quality, and a rebalancing of the mix of acquisition channels in favour of pull channels. Added to this is the development of 200 MW of 'seller' model energy communities. This model involves the sale of solar panels and the provision of services related to the management of the electricity produced. In 2030, the objective is to reach 2.6 million customers, with the main focus on electricity customers, also thanks to the complete liberalisation of the market subject to additional safeguards.

To support this commitment, investments of EUR 700 million are planned, which will allow the achievement of EBITDA of EUR 210 million (an increase of EUR 90 million compared to the standard profitability of the business unit).

Finally, EUR 0.9 billion of investments are earmarked for the expansion of smart solutions projects, 80% of which are aimed at a portfolio of services for the public administration (upgrading key services for the development of districts, integrated management of complex projects such as specific local public transport services and smart services relating to security, parking, etc.) and the remaining 20% for the development of around 200 MW of 'producer model' energy communities, i.e. maintaining ownership of the plant and managing the electricity produced.

This approach will result in EBITDA of EUR 40 million.