Non-hydro renewables, smart grid applications and grid infrastructure will offer the greatest investment opportunities in Italy over the next five years, regardless of the outcome of 4 March elections that may end with an inconclusive result, BMI Research says in a note.

It is most likely that no single party or coalition will win enough votes to govern alone – which could lead to a hung parliament – but all political forces have said they intend to support growth in the solar, wind and energy efficiency sectors, the Fitch-owned research group’s country risk team thinks.