Enel Green Power SpA (EGPW.MI), one of Europe 's biggest renewables companies by market value, Tuesday said it expects core profits to rise in the next five years as it expands into electricity-hungry emerging markets.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, is confirmed to rise to 1.8 billion euros ($2.36 billion) this year from EUR1.7 billion in 2012, the power company said in a statement presenting the 2013-1017 plan. Ebitda is forecast to climb to EUR2.4 billion in 2015 and be between EUR2.5 billion and EUR2.7 billion in 2017, it added.

Ebitda is a key figure analysts look at to determine how the underlying business of a utility is going.

The new business plan projects cash flow generation of EUR8.4 billion, which will be used to cover the unchanged capital expenditure of EUR6.1 billion, as well as dividends of EUR1.1 billion and pay borrowing costs of EUR1.5 billion.

The Rome-based company said its expansion plans will be essentially self-financed.

It will enter five new countries, Colombia, Peru, Morocco, South Africa and Turkey, in addition to the 16 it is already present in.

The growth in emerging markets is "firmly at the core" of the company's strategy, especially as the macroeconomic expansion in these nations is driving the strong increase for electricity, it said in the statement.

Enel Green Power is due to present the 2013-2017 plan to analysts in Rome at 1130 GMT.

At 1022 GMT Enel Green Power shares were up 0.5% at EUR1.55, outperforming the 0.3% loss at Italy 's benchmark FTSE Mib Index.

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