Italy-based transmission system operator (TSO) Terna has announced a €10bn ($11bn) investment in Italy’s energy transition, energy independence and decarbonisation efforts.

The company’s board approved the investment as part of its 2021-25 ‘Driving Energy’ industrial plan.

Terna aims to bolster its role in driving the Italian electricity system in line with the targets set by the National Integrated Energy and Climate Plan (PNIEC) and the EU’s Green Deal, which aims to reduce greenhouse gas emissions by at least 55% by 2030.

Its strategy will primarily focus on the development of electricity infrastructure, integration of renewable sources and energy storage systems, as well as cross-border interconnections.

Terna said that its development initiatives will be centred around three strategic areas, namely regulated activities in Italy, non-regulated activities and international activities.

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With regard to regulated activities in Italy, which continues to be the group’s core business area, the company plans to invest €9.5bn to develop, upgrade and strengthen the national transmission grid.

It will also invest €2.6bn to reorganise Italy’s existing infrastructure and replace its overhead lines with underground cables.

In addition, Terna plans to make a €1.3bn investment in the Defence Plan to boost the system’s technical and technological capabilities.

Terna CEO Stefano Donnarumma said: “Our capital expenditure, which has a key role to play in enabling Italy and Europe to meet the goals that have been set, will allow us to integrate renewable sources and electrify consumption and to guarantee ever greater security and efficiency of supply, a system that is fit for purpose and improved quality of service, whilst cutting costs for consumers and businesses.”

Reuters reported that Terna is planning to divest its assets in Latin America, which could be worth around €270m in total.

The company generates most of its revenue from its domestic grid.