Eni’s Plenitude completes minority stake sale to EIP

Plenitude, the renewables arm of Italian oil and gas major Eni SpA (BIT:ENI), has completed a deal through which it received a EUR-588-million (USD 642m) investment from Swiss investment company Energy Infrastructure Partners (EIP).

EIP invested in Plenitude via a capital hike, with the sum corresponding to about 7.6% of the business based on a post-money equity value of around EUR 8 billion and an enterprise value of over EUR 10 billion. The deal, first announced in December, has been approved by the relevant competent authorities, Plenitude said on Friday.

“This transaction gives us renewed momentum to progress on a path of growth toward the energy transition, underpinned by the solidity of our business model,” commented Plenitude chief executive Stefano Goberti.

Plenitude’s current activities span over 15 countries and include electricity generation from around 3 GW of renewables, energy sales to 10 million European customers and almost 20,000 electric vehicle charging points. The company aims to expand its activities to reach 11 million clients, over 7 GW of installed renewable capacity and more than 30,000 charging points by 2026.

(EUR 1 = USD 1.093)

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