Energy Infrastructure Partners (EIP) has signed an agreement to raise its stake in Eni-controlled company Plenitude, which generates electricity from renewable sources with an installed capacity of more than 3GW.
As part of the deal, EIP will invest €209m ($222m), bringing the value of its investment in Plenitude to €800m, including the €588m it paid for an earlier holding in March this year.
Go deeper with GlobalData
The transaction suggests a post-money equity value for Italy-based Plenitude of approximately €8bn, with an enterprise value exceeding €10bn.
Plenitude delivers energy to around ten million European customers and plans to reach 11.5 million clients by 2027. It operates in more than 15 countries worldwide.
Using renewable sources, the company also aims to exceed 8GW of installed capacity by 2027 and more than 15GW by 2030.
In the field of electric mobility, Plenitude aims to reach 40,000 charging points by 2027.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEni said the deal marks a key milestone in the execution of its satellite model, designed to foster the independent growth of high-potential businesses, provide access to new sources of aligned capital, and offer greater transparency regarding their fair market value.
The completion of the transaction is subject to obtaining the usual regulatory approvals.
Eni chief transition and financial officer Francesco Gattei said: “This agreement highlights the innovative nature of Plenitude’s business model and its significant growth opportunities.”
“The company is a pillar of our energy transition strategy aimed at reducing emissions related to the use of our products.
“We have embarked on a virtuous path of creating low and zero-carbon businesses that attract leading investors, grow organically, and become self-sustaining. We believe this is the approach to address the energy transition.”
Plenitude CEO Stefano Goberti said: “EIP’s increased investment in Plenitude is another tangible sign of our business model solidity, also appreciated by those who have been able to see us at work for some time now.
“In recent years, Plenitude has grown through the passion and commitment of its people, achieving and exceeding its strategic goals, as reflected in its results, with EBITDA steadily increasing from around €600m in 2021 to the €1bn expected this year.”
