By Francesca Landini and Giancarlo Navach

MILAN (Reuters) -Italian multi-utility A2A said on Wednesday it had raised its total projected investments for 2024-2035 to 23 billion euros ($27 billion), with 1.6 billion euros earmarked for creating and managing data centres.

The updated business plan to be presented to analysts later increases projected investment by 1 billion euros and nudges up financial targets in the final part of the strategy.

A2A also confirmed minimum annual dividend growth of 4%.

Shares in A2A were down 6% at 0840 GMT, while Milan’s blue-chip index rose, with traders citing overly cautious financial estimates for next year as the reason for the drop.

A2A stock has risen by around 14% in the last 30 days.

PRIVILEGED POSITION TO SUPPORT DATA CENTRES

Italy’s norther

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