EIP readying EUR-209m cash boost for Eni’s Plenitude

Energy Infrastructure Partners (EIP) will boost its shareholding in Plenitude, the renewable energy platform of Italian oil and gas major Eni SpA (BIT:ENI), by further investing EUR 209 million (USD 223.8m).

The Swiss investment company, which already holds 7.6% of Plenitude’s stock, will reach a combined stake of 10% with the new funding commitment, it said on Monday.

The follow-on investment is seen to support Plenitude’s further growth and its integrated business model that integrates the production of power from renewable energy sources, the sale of energy and the provision of energy services, as well as operating a network of electric vehicle (EV) charging points.

The transaction, which will increase EIP’s total investment in the Italian platform to almost EUR 800 million, is pending regulatory clearance.

“Our decision to increase the size of our investment reconfirms our strong belief in the value of the business, the excellence of Plenitude’s entire organisation and leadership team, and the company’s ability to deliver in line with its strategy and business plan,“ said Tim Marahrens, EIP partner.

With activities in over 15 countries, Plenitude generates electricity from a 3-GW-plus portfolio of installed renewables, which it has ambitions to expand to more than 8 GW by 2027. The company also sells energy to 10 million European customers and has 21,000 EV charging points, planned to almost double to 40,000 by 2027. Financially, Plenitude aims to reach EUR 1 billion of earnings before interest, tax, depreciation and amortisation (EBITDA) this year.

(EUR 1.0 = USD 1.071)

Choose your newsletter by Renewables Now. Join for free!