The most ambitious investment plan in the history of Iren

Underpinning the Action Plan that concretises the long-term strategy is the most ambitious investment plan in Iren's history, with a total amount of 12.7 billion Euro. A doubling of average annual investment compared to the 2015-2020 period, equally distributed over the plan.


Doubling of investments 

Average annual investment, Mn Eur.

12.7 Bn €

Gross cumulative investments ‘21-’30. +2x over the past five years

Iren's Investment Plan is characterised by an even distribution over the plan and the inclusion of planned inorganic growth amounting to 15% of total investments, or 1.8 billion Euro for M&A and new tenders.


Gross investments

Bn Eur

15 %

inorganic growth



A 10-year plan that is ambitious, but at the same time: resilient, because of investments (70%) allocated to regulated and semi-regulated activities; flexible, because only 30% of investments are mandatory; 3) highly sustainable, with 80% of investments allocated to sustainable activities and projects (70% in line with the European Taxonomy); and 4) 20% supported by external funds.


Investments and new projects in all businesses 

The investments set out in the 2021-2030 Business Plan will allow Iren to map out the future of the local areas and become the reference partner for the communities in the next years. The plan is focused on growth in each business area and calls for a doubling of average annual investment compared to 2015-2020, evenly distributed over the plan.



Waste Management



Smart solutions

Networks: 4.9 billion Euro for continued network development with focus on commercial quality 


The investment plan is aimed at increasing the efficiency and quality of services with RAB growth reaching 4.8 billion Euro in 2030. Of the investments, 50% are for integrated water service, for upgrading and increasing the resilience of the network and developing purification plants.

A total of 18% of investments in the networks are allocated to gas distribution, in particular to maintaining the current infrastructure, and thus replacing old pipes with the latest generation ones ready to receive hydrogen mixtures, and development in strategic areas through participation in tenders. A total of 17% of investments are for electricity distribution in order to allow the evolution of the networks by adapting them to support higher capacities due to the electrification of consumption, continuously pursuing operational efficiency, necessary to provide the best service at affordable levels to citizens. Finally, 16% is for district heating networks for the extension of volumes and the development of thermal storage capacity with a focus on technological innovation to promote decarbonisation.









District heating

~ 4,9 BN Eur

Waste Management: 2.5 billion Euro to address current and future circular economy requirements

The circular economy is confirmed as the compass of the environmental sector: 66% of investments are allocated to the development of disposal and treatment chains related to urban collection. To fill the local infrastructure gap in the management of mixed waste, the need arises to expand treatment and recycling capacity and focus on the development of 2 Waste to Energy (WTE) and Waste to Chemical (WTC) plants.







2,5 BN Eur

The remaining 34% of investments are for the collection activity for the expansion of the basin served through inorganic expansion in the territory, the extension of the punctual pricing model, and for improved service efficiency through the adoption of automated processes, digitalisation, and electrification of fleets.



Energy: 2.5 billion Euro for the transition to renewable energy sources

This plan features the development of 2.2 GW of renewable assets. According to the decarbonisation goal of the generative park, aimed at achieving the ESG Science Based Target certification, the assets will be 80% PV and 20% wind.

A 1GW pipeline, currently under negotiation, and the possibility of equity contributions from minority partners are planned for the next three years. Of future power generation volumes, 50% will be covered by PPA or tariff contracts to ensure long-term return on investment.



Renewables and storage


Thermoelectric and cogeneration

2,5 BN Eur

Also planned are the renewal of hydroelectric concessions and the development of storage capacity, consistent with the development of renewable production. Finally, the disposal of thermoelectric generation assets not functional to district heating was planned for the period 2026-2030.


Market: 0.7 billion Euro for an excellent customer experience 

An excellent customer experience will be the lever for business profitability. Iren's commitment is aimed at increasing customer value, through higher expected electricity consumption and the further boost given by Iren Plus services, and at reducing the churn rate following the improvement of service quality. 

In 2030, the objective of the Iren Group 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

Mix dei canali di acquisizione della clientela


Smart solutions: 1.6 billion Euro in investments to ground the green transition through partnerships with local stakeholders

Development will be mainly related to three areas: 


  • building energy efficiency services supported in the short term by the 110% Superbonus and the development of a comprehensive portfolio of services, for target territories and companies, aimed at addressing their growing sustainability needs. 
  • the spread of electric mobility through the development of private charging infrastructures and the installation of public and semi-public columns, also supporting local administrations in creating the necessary infrastructure for the electrification of local public transport. 
  • the supply of services to the territory and to the communities, offering their skills in favour of the communities for the management of complex projects such as the renovation of public buildings, hydrogeological instability and specific urban planning interventions.