Eni in talks over Plenitude stake sale ahead of IPO - report

Italian oil and gas major Eni SpA (BIT:ENI) is negotiating a deal to offload a stake in its renewables platform Plenitude, rekindling plans for an initial public offering (IPO) of the subsidiary, Reuters reports.

Eni’s CEO Claudio Descalzi was quoted as saying at a news conference in Milan that talks are being held with an unnamed strategic partner for a deal that would set an overall value for Plenitude. According to him, an IPO would follow that transaction.

Swiss investor Energy Infrastructure Partners (EIP) was this summer said to be working on a potential offer to buy a 10% stake in Plenitude in a deal that could value the entire business at less than EUR 8 billion (USD 8.41bn), including debt.

Plenitude’s platform incorporates Eni’s renewable energy generation, energy services and e-mobility activities. As of end-June, the business had over 2.5 GW of installed capacity and plans to reach over 6 GW by 2025 and over 15 GW by the end of the decade.

Eni previously planned to list the unit but in 2022 postponed the move due to deteriorating market conditions. The floatation, as reported by Reuters in July, could still be launched this or next year.

(EUR 1.0 = USD 1.051)

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