Italian oil and gas major, Eni SpA, is reportedly in the final stages of negotiations with Swiss investor Energy Infrastructure Partners AG (EIP) for the sale of a minority stake in its renewable energy platform, Plenitude, according to sources familiar with the matter. The deal, valued at approximately EUR 750 million (USD 801.8 million), would see Eni divest just under 10% of its holding in Plenitude.
If finalized, the transaction is expected to be announced by the end of November, placing a valuation of around EUR 8 billion on Plenitude. EIP had been exploring the possibility of acquiring a stake in Plenitude during the summer when Eni was seeking funds ahead of the unit's planned initial public offering (IPO). While the IPO was initially proposed for the summer of 2022, it was postponed due to challenging market conditions and is now slated for potential launch next year, as indicated by Eni's CEO Claudio Descalzi.
Plenitude serves as the platform for Eni's renewable energy generation, energy services, and e-mobility activities. As of the end of June, the platform boasted over 2.5 GW of installed capacity, with ambitious plans to reach over 6 GW by 2025 and surpass 15 GW by the end of the decade.
Eni's strategic move aligns with the broader industry trend of major energy players divesting stakes in renewable platforms, emphasizing the increasing importance of renewable energy in the global energy transition. The potential deal with EIP signifies a significant step for both Eni and Plenitude, contributing to the ongoing expansion and development of renewable energy initiatives.
