Plentitude Acquires PLT

Plentitude Acquires PLT
Plentitude has agreed to acquire PLT, which includes PLT Energia and SEF and their units.

Plentitude, Eni’s Benefit Corporation, has agreed to acquire 100 percent of PLT, an Italian group of companies focusing on electricity production from renewables and energy supply to retail customers. PLT includes PLT Energia and SEF as well as their units and affiliates.

Through this synergistic operation with its portfolio of renewable assets and retail customers, Plenitude is strengthening its presence in Italy and Spain consolidating a vertically integrated platform. The platform includes, over 400 MW (>80 percent wind power) of assets in Italy, 80 percent already operational and 20 percent under construction with start-up expected by 2024.

It also includes 1.2 GW of projects under development (>80 percent wind power) in Italy and Spain, 60 percent of which in advanced maturity stage. Thanks to them, Plenitude's pipeline of renewable energy projects will expand reaching a total of about 13 GW.

“This agreement marks a significant step forward in achieving our goals. We are acquiring platform with a highly valuable projects and expertise, which fits into Plenitude's business model and will enable us to strengthen the company's growth in Italy and abroad. This acquisition will allow us to exceed 2 GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6 GW in 2025. Such growth supported by a pipeline of 13 GW of solar and wind projects and by strategic and synergic agreements such as the one we are announcing today,” said Stefano Goberti, CEO of Plenitude.

The operation will need customary approvals to become effective. Plentitude integrates the production of energy from 100 percent renewable sources, the sale of energy services and an extensive network of charging points for electric vehicles.

The company currently supplies energy to about 10 million European customers in the retail market and aims to reach more than 11 million customers by 2025 and to install more than 30,000 charging points for electric mobility. The company also plans to exceed 15 GW of installed capacity by 2030 and achieve carbon neutrality by 2040.

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