Italy's Snam (SRG.MI), opens new tab will invest 11.5 billion euros ($12.5 billion) by 2027, 15% more than in its previous business plan, the gas network operator said on Thursday.
In its new strategy, the state-controlled group will focus on the construction of a new pipeline and the completion of liquefied natural gas (LNG) infrastructure.
It will also invest in energy transition businesses including a carbon capture and storage hub and the development of a European hydrogen network.
"We will invest 11.5 billion euros to develop an increasingly flexible infrastructure ...thus supporting the carbon neutrality pathway for Italy," CEO Stefano Venier said in a statement.
The group expects 7.4% average annual growth for its adjusted core earnings in the period versus 7% under its previous plan.
Adjusted net income is projected to rise by around 4% each year on average, up from 3% in the previous strategy.
The group also promised minimum annual dividend growth of 3% starting from its payout on its 2024 results.
