EIP Ups Stake in Plenitude to 10 Percent

Eni S.p.A. and its renewables arm Plenitude signed an agreement with Energy Infrastructure Partners (EIP) to increase the latter’s share in Plenitude. Eni said EIP will invest a further EUR 209 million ($221.8 million) in Plenitude, increasing its share capital to 10 percent, and lifting its total investment to EUR 800 million ($848.9 million). This includes the EUR 588 million ($624 million) EIP invested in Plenitude in March.

In a media release, Eni said that the transaction implies a post-money equity value of Plenitude of around EUR 8 billion and an enterprise value of over EUR 10 billion.

Eni said the agreement validates the efficiency of Plenitude's unique integrated approach and enhances its financial framework, offering more resources for its expansion plans, while ensuring that Eni maintains consolidation and oversight of the company.

Eni said the agreement also signifies a major advancement in the execution of Eni’s satellite model, which aims to foster the independent growth of high-potential enterprises, facilitate access to new sources of aligned capital, and enhance transparency regarding their fair market value.

“The company [Plenitude] is a pillar of our energy transition strategy aimed at reducing emissions related to the use of our products”, Francesco Gattei, Chief Transition and Financial Officer of Eni, said. “We have embarked on a virtuous path of creating low and zero-carbon businesses that attract leading investors, grow organically, and become self-sustaining. We believe this is the approach to address the energy transition".

With operations spanning over 15 countries and a current installed capacity of over three gigawatts (GW), Plenitude aims to reach over 11 million customers by 2027, with a renewable energy capacity exceeding eight GW and a network of 40,000 charging points globally.

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