MILAN (Reuters) -Italian power plant developer Ansaldo Energia is looking to expand into new markets such as Vietnam and Malaysia through acquisitions as its aims to double its turnover in the coming
Ansaldo Energia eyes acquisitions, Asia push to boost sales, CEO
Ansaldo Energia's Growth Strategy
MILAN (Reuters) -Italian power plant developer Ansaldo Energia is looking to expand into new markets such as Vietnam and Malaysia through acquisitions as its aims to double its turnover in the coming years, its chief executive said on Thursday.
Acquisition Plans and Market Focus
The group, which also makes nuclear reactors and is owned by Italian state lender Cassa Depositi e Prestiti, recovered from a slump caused by falling orders during the COVID pandemic and is now looking at increasing its footprint outside Europe.
Technological Advancements in Power Generation
"We need to change scale, grow, find new partners and invest in capacity and technology," CEO Fabrizio Fabbri told reporters on the sidelines of the Energy Summit conference in Milan.
Recent Developments in Energy Projects
"This means acquisitions... we need to produce more."
Fabbri said the company aims to strengthen its position in the thermal power sector, which includes gas and steam turbines and generators.
Ansaldo is already present in countries such as the United Arab Emirates and China, and is looking next to Vietnam and Malaysia.
"We are analysing several opportunities. We are not in a hurry, but we know we need to grow and double our turnover in the coming years," Fabbri said.
Separately, the group said on Thursday it completed the upgrade of an Italian power plant owned by Swiss group Alpiq, installing turbines that could replace up to 25% of natural gas with hydrogen.
($1 = 0.8511 euros)
(Reporting by Francesca Landini, editing by Alvise Armellini and Susan Fenton)
