San Donato Milanese (Milan), November 11, 2024 – Eni, Plenitude, and Energy Infrastructure Partners (EIP) have solidified their partnership as EIP increases its investment in Plenitude through a substantial capital injection of approximately €209 million. This latest agreement will elevate Energy Infrastructure Partners’ stake in Plenitude to 10% of the share capital, bringing their total investment to around €800 million, inclusive of the €588 million investment finalized in March. The transaction values Plenitude’s post-money equity at approximately €8 billion and its enterprise value at over €10 billion.
This agreement underscores the efficacy of Plenitude’s unique and integrated business model and significantly strengthens its financial foundation. The increased capital will provide Plenitude with further resources to fuel its ambitious growth strategy, all while ensuring Eni maintains both consolidation and operational control of the company. Furthermore, this deal marks a significant advancement in Eni’s satellite model implementation. This strategic approach is designed to foster independent growth for high-potential businesses within Eni’s portfolio, facilitating access to new sources of aligned capital and establishing clear market valuation visibility.
Francesco Gattei, Chief Transition & Financial Officer of Eni, stated, “This agreement highlights the innovative strength of Plenitude’s business model and the considerable opportunities for growth it presents. Plenitude is a cornerstone of our energy transition strategy, central to our commitment to reducing emissions associated with the use of our energy products. We are actively pursuing a strategy of developing low and zero-carbon businesses that are attractive to leading investors, capable of organic expansion, and ultimately self-sustaining. We believe this is the optimal path forward for navigating the energy transition effectively.”
The completion of this transaction is contingent upon customary regulatory approvals.
Notes for Editors
Plenitude’s operations span across more than 15 countries globally, characterized by an integrated business model that synergistically combines power generation from renewable energy sources – boasting an installed capacity exceeding 3 GW – with the supply of energy and energy solutions to a vast customer base of 10 million. Additionally, Plenitude manages an extensive network of 21,000 electric vehicle charging points. Looking ahead to 2027, Plenitude aims to expand its reach to over 11 million customers, increase its renewable capacity beyond 8 GW, and expand its charging infrastructure to 40,000 points across Italy and internationally.
Energy Infrastructure Partners (EIP), based in Switzerland, is a prominent fund manager specializing in investments that capitalize on the major trends reshaping the energy sector. Their focus is on identifying and supporting infrastructure projects that are pivotal to the evolving energy landscape.
