Italy's Eni seeking to sell more of Plenitude's shares - report

Italian oil and gas major Eni SpA (BIT:ENI) is holding talks to offload an additional stake in its renewables arm Plenitude, aiming to attract specialised investors to propel the platform’s future growth, Reuters reports.

Two unnamed sources familiar with the matter have said that negotiations are being held with several funds. According to one of the insiders, among the suitors willing to buy a stake of roughly 10% in the clean energy business are US asset manager Apollo Capital Management, Norway's private equity fund HitecVision and British private equity firm Trilantic Europe.

The potential transaction is being arranged about six months after Eni completed the sale of a 7.6% stake in Plenitude to Swiss investment company Energy Infrastructure Partners (EIP). The deal was reached at an enterprise value of over EUR 10 billion, which also serves as a base valuation in the ongoing talks, according to the report.

With activities in over 15 countries, Plenitude generates electricity from a roughly 3-GW installed renewables portfolio, which it has ambitions to expand to over 8 GW by 2027. The company also sells energy to 10 million European customers and has almost 20,000 electric vehicle charging points.

Choose your newsletter by Renewables Now. Join for free!