Eni: Energy Infrastructure Partners To Invest Up To EUR 0.7 Bln In Plenitude

(RTTNews) - Eni S.p.A. (E), an Italian energy major, announced Thursday an agreement, under which Switzerland's Energy Infrastructure Partners AG will invest up to 0.7 billion euros in Eni Plenitude S.p.A.

Post-transaction, the investment would represent around 9% of Plenitude's share capital.

As per the deal, Energy Infrastructure's initial capital increase amount is 0.5 billion euros, with the option for the firm to go up to 0.7 billion euros by early 2024.

Following the transaction, equity value of Plenitude post money would be up to around 8 billion euros and an enterprise value of over 10 billion euros.

Plenitude integrates power generation from renewables, the sale of energy and energy solutions, and an extensive network of EV charging points. The company currently supplies energy to around 10 million European customers in the retail market, targeting more than 11 million customers by 2026.

The company expects to deliver over 7 GW of installed renewable capacity by 2026 and 15 GW by 2030, up from 2.2 GW at the end of 2022, in addition to over 30,000 EV charging points by 2026.

The EBITDA of Plenitude is expected to triple over the 2022-2026 period reaching 1.8 billion euros.

Eni CEO Claudio Descalzi, said, "Indeed, this is a major milestone in our satellite model development, a key strategic initiative aimed at enhancing our high potential businesses by creating the conditions for independent growth, accessing new pools of capital, and providing visibility into their market value. We have made an important step forward in the enhancement of one of our strategic companies, that, alongside our sustainable mobility company Enilive, is focused on the sale of increasingly decarbonized products and the abatement of our Scope 3 emissions in our energy transition pathway."