Energy Infrastructure Partners (EIP) is set to acquire a significant stake in Eni’s diversified energy transition company, Plenitude, with a planned investment of €500 million, potentially extending to €700 million. This strategic move will secure EIP up to a 9% interest in Plenitude.
Financial Details:
Equity and Enterprise Value: EIP’s investment values Plenitude at up to €8 billion in equity and an enterprise value exceeding €10 billion.
Eni’s Decarbonization Initiative: Eni initiated Plenitude in 2021 to drive its global decarbonization efforts. Plenitude operates across 15 countries with a diversified portfolio, including 3 GW renewable energy production, energy sales and solutions, and nearly 20,000 electric vehicle charging points.
Growth Plans and Targets:
EIP’s Contribution: The capital injection by EIP is earmarked to propel Plenitude’s ambitious growth plans, aiming to more than double its installed renewable generation capacity to 7 GW and add 10,000 new electric vehicle charging points by 2026.
Carbon Neutrality Goal: Plenitude’s growth strategy aligns with a commitment to achieve carbon neutrality by 2040.
Statements from Key Players:
Roland Dörig, EIP Founder: Highlights Eni’s significant role in contributing to the global energy transition and expresses excitement about partnering to support Plenitude’s growth story.
Stefano Goberti, CEO of Plenitude: Welcomes the transaction with EIP, recognizing their international expertise in the energy transition and renewables industry. Expects EIP’s support to advance Plenitude’s growth strategy.
Tim Marahrens, EIP Partner: Emphasizes the value proposition of vertically integrated energy businesses in today’s evolving energy transition landscape. Notes the optimal positioning of diversified businesses like Plenitude to thrive.
Claudio Descalzi, Eni CEO: Describes the transaction as excellent, showcasing Plenitude’s value within Eni, strengthening its financial structure, and establishing a long-term partnership with a leading global investor.
The collaboration between EIP and Plenitude signifies a strategic alignment towards accelerating the global energy transition, contributing to Eni’s commitment to sustainable and decarbonized energy solutions.
Source：realassets.ipe.com
