(Adnkronos) – Italian major Eni’s retail and renewables unit Plenitude and Swiss Energy Infrastructure Partners have sealed a deal to lift EIP’s stake in the company’s share capital to 10%, Plenitude said Monday in a statement.
The transaction confirms a post-money equity value of Plenitude of around 8 billion euros and an enterprise value of over 10 billion euros, according to the statement.
“EIP’s increased investment demonstrates that Eni has built Plenitude into a company with a strongly distinctive and high-potential business model, which is creating value and has excellent growth prospects,” said Eni’s chief transition and financial officer Francesco Gattei.
“We are thus successfully continuing our path of enhancing and developing businesses related to the energy transition,” Gattei said.
EIP’s aggregate investment is around 800 million euros, including 588 million euros paid in March last year, the statement said.
“Our increased commitment to Plenitude reflects our confidence in its unique integrated model, which combines renewable generation, retail energy solutions and e-mobility at scale,” said Tim Marahrens, Partner at EIP.
“Over the past year, Plenitude has demonstrated its ability to exceed targets and capitalise on the accelerating energy transition. We look forward to continuing our collaboration with Eni and Plenitude’s outstanding leadership team to drive further growth,” Marahrens added.
The Plenitude-EIP deal is part of En’s ‘satellite strategy’ for the green transition, which aims to create separate units that can attract investment to grow their businesses.
Plenitude is active in over 15 countries around the world with a business model integrating the production of electricity from over 4 GW of renewable capacity, the sale of energy and energy solutions to over 10 million European clients, and an extensive network of over 21,000 electric vehicle charging points.
By 2028, the company intends to have 10 GW of installed renewable capacity and over 11 million clients, said the statement.
