By Giancarlo Navach
VIENNA, Oct 13 (Reuters) - Italian energy group ERG plans to invest in wind power in Brazil and Europe, acceleratingits expansion in the sector after its recent decision to exitthe refining sector.
ERG, over 60 percent controlled by Italy's Garrone family,completed the acquisition of wind power assets from France's GDFSuez this year to become Italy's largest wind energyplayer and one of the top ten in Europe.
Presenting the group's strategy in Vienna on Saturday, ERGchief executive Luca Bettone said ERG planned to invest incountries and areas which had strong wind conditions and wereless dependent on government subsidies, such as South America.
"This company must look to growth and, since we are now thebiggest wind player in Italy, must try to move outside ournational borders," Bettone said in comments that were embargoeduntil Monday. "There are opportunities in this country (Brazil)and we think we'll enter the market with acquisitions."
ERG has transformed itself in recent years into a renewableenergy company in order to counter declining profits at itsrefinery business. Last week it struck a deal to sell itsremaining stake in the ISAB oil refinery in Sicily to Russia'sLukoil for around 400 million euros -a sale Bettone said would yield no special dividend from theproceeds.
ERG, which is now targeting a 20 percent rise in coreearnings next year to around 600 million euros ($813.75million), intends to invest some 500 million euros to 2015 tofocus on renewable energy.
In Europe, Bettone said, the company aimed to enter theSpanish market while strengthening its position in Bulgaria andRomania where it has wind power assets.
He also confirmed that TotalErg - the joint venture betweenERG and France's Total - was interested in the Italianpetrol distribution network that Shell is selling.
TotalErg has a market share in Italy of 12 percent whichwould rise to 18 percent with the Shell network.
