UPDATE 1-Alerion to spend 700 mln euros to boost green energy drive

(Recasts, adds detail, shares)

Feb 3 (Reuters) - Alerion Clean Power has pledged to spend about 700 million euros ($842.52 million) and almost double its installed capacity by 2023, as it seeks to become one of Europe’s leading renewable energy operators.

It said some of its investments would be financed through a capital increase of up to 300 million euros, earmarked for institutional investors only.

The group, which mainly produces electricity from wind, said it would increase its gross capacity to 1.544 gigawatts by the end of its new three-year plan.

It is targeting over 3 terawatt hours of power produced at the end of the plan with operations in Italy, Spain, Romania and Bulgaria.

The company said it will branch out into solar power both in Italy and Romania, with a targeted installed capacity of 300 megawatts by 2023.

Core earnings, or EBITDA, are expected to rise to about 160 million euros by the end of the plan from 54 million euros in 2019. It will pay out up to 50% of net profit as dividend.

At 0846 GMT Alerion shares were up 7.3%.

$1 = 0.8308 euros Reporting by Federica Urso, editing by Stephen Jewkes and Jane Merriman