IFM Investors Pty is considering investing in Italian energy producer ERG SpA, according to people familiar with the matter.
The Australian infrastructure manager is discussing the purchase of a minority interest in ERG, the people said, asking not to be identified because the information is private. Shares of ERG have risen 14% in Milan trading this year, giving it a market value of about 4.9 billion euros ($5.1 billion).
Investors are keen to expand in renewables amid the global shift to greener power production and away from dependence on Russia after its invasion of Ukraine. Global spending on the transition to low-carbon energy rose by more than a quarter to $755 billion in 2021, according to BloombergNEF.
Read more: BNN Bloomberg
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