A further increase in investments planned for the next 8 years 

The new business plan calls for a total gross investment amount of 10.5 billion euros with an increase of about 200 million euros compared to the previous plan for the period 2023-2030.


Almost 60%, equal to approximately EUR 6.1 billion, is made up of development investments, intended to favour the growth in size of the Group, mainly relating to the development of renewables combined with the growth of the retail customer portfolio, materials, the extension of district heating networks and energy community projects. Investments for external growth, amounting to 12% or EUR 1.2 billion, are earmarked for the consolidation of investee companies, participation in gas, water service or waste collection tenders in strategic areas of the country. Finally, the remaining 30%, amounting to approximately EUR 3.2 billion, is earmarked for maintenance investments.

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 capex

Bn Eur


80% of the organic investments, amounting to approximately EUR 7.5 billion, are directed to projects that contribute to the achievement of the sustainability targets set, in particular to support the resilience of cities and for decarbonisation projects. More than EUR 7 billion (75% of organic investments) are eligible for the European Taxonomy.


An ambitious plan, but at the same time: resilient, because 70% of investments are allocated to regulated and semi-regulated activities flexible, because only 30% of investments are mandatory, highly sustainable, with 80% of investments allocated to sustainable activities and projects and 20% supported by external funds.


Investments and new projects in all businesses 

The Business Plan calls for a substantial doubling of EBITDA with the achievement of 1.87 billion Euro in 2030. The significant increase in EBITDA is generated by the positive contribution of all business lines. The greatest support for growth is provided by regulated and semi-regulated activities, in particular by the integrated water service and the increase in waste treatment and recovery capacity, the development of renewables and the development of energy efficiency services and the energy customer base. 



Waste Management



Smart solutions

Networks: 3.6 billion euros for value creation in strategic areas and service excellence


The investment plan provides for EUR 3.6 billion aimed at increasing the efficiency and quality of services with strong growth in the RAB, which will reach almost EUR 5 billion in 2030. Of the investments intended for the networks, 59% are aimed at the integrated water service, for the strengthening and increase of the resilience of the network, the development of the purification plants, the inorganic growth through the consolidation of the minority stakes and the participation in water tenders in synergistic ATO, also in the South. A total of 21% of investments in the networks are allocated to gas distribution, in particular aimed at maintaining the current infrastructure in the reference territories, replacing old pipes with the latest generation ones and ready to receive hydrogen blendings, and development in strategic areas through participation in tenders. A total of 20% of networks investments are earmarked for the 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. Furthermore, in addition to the previous plan, it is planned to use Repower EU funds to increase the resilience of electricity grids.


The planned investments and synergies allow for an EBITDA of EUR 730 million in 2030 (EUR + 317 million compared to 2022).








~ 3.6 BN Eur

Waste Management: 2 billion euros for waste collection expansion to support energy and material recovery thanks to new facilities

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). 






2 BN Eur

Energy: 2.8 billion euros for the progressive decarbonization of generation sources thanks to the development of renewables

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)


Renewables and storage


Thermoelectric and cogeneration


District heating

2,8 BN Eur

Market: 700 million euros to support the consumption electrification and retail clients

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).


Clients & services



700 Mlm Eur

Smart solutions: 900 million euros to become a preferred partner for local stakeholders to execute green transition

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. 


Energy efficiency


Energy communities

900 Mlm Eur