The Swiss fund Energy Infrastructure Partners (EIP) announced an increase in its stake in Plenitude, Eni’s division dedicated to renewable energies and retail sales. By investing 209 million euros, EIP now holds 10% of Plenitude’s capital, thereby strengthening its financial support for the development of this subsidiary. This financial move values Plenitude at over 10 billion euros, according to Eni’s figures.
Created in April 2021, Plenitude emerged from the merger of Eni’s retail gas and electricity sales branch with its renewable energy operations. It is now a major player in the renewable energy sector, with an installed electricity production capacity exceeding 3 gigawatts (GW). Plenitude also supplies gas and electricity to approximately 10 million customers and operates an expanding network of 21,000 charging stations for electric vehicles.
A strategic investment for growth
EIP initially acquired a 7.6% stake in March for 588 million euros before deciding to increase its investment. The announced capital increase is a sign of confidence in Plenitude’s potential, which anticipates significant expansion. The Italian energy group Eni explains that this capital injection strengthens its subsidiary’s financial structure and provides additional resources for its growth ambitions. By 2027, Plenitude aims to achieve 8 GW of installed renewable capacity and double its charging points to 40,000.
Francesco Gattei, Eni’s head of transition and finance, emphasized that the company’s so-called “satellite” approach – creating independent subsidiaries attractive to investors – is essential to meet the challenges of the energy transition. This strategy diversifies funding sources and attracts significant capital while giving the subsidiaries a degree of autonomy to grow in specialized areas.
A constantly evolving market
As part of this strategy, Eni recently concluded another agreement with the American fund KKR to sell a 25% stake in Enilive, its bio-refining subsidiary, for 2.9 billion euros. This partnership is part of the same framework of diversification and structuring into independent units. For Eni, the energy transition partly relies on the development of autonomous subsidiaries that can attract investors and optimize their growth in cutting-edge sectors.
EIP, for its part, currently manages a renewable energy investment portfolio worth seven billion euros. This Swiss company specializes in financial support for companies and projects related to the energy transition, with expertise in sustainable infrastructure financing. Its increased stake in Plenitude illustrates the appeal of renewable energies for institutional investors looking to diversify their assets and support companies committed to reducing carbon emissions.
Future perspectives for Plenitude and Eni
Plenitude’s progress in the renewable energy market is unfolding in a context of uncertainty, notably due to the volatility of financial markets. In June 2022, Eni had considered an IPO for Plenitude but decided to postpone the operation due to this volatility. By investing in long-term projects and consolidating its stakes in companies like Plenitude, EIP continues to align with sustainable development goals.
The expansion of Plenitude’s activities is also part of Eni’s commitments to a responsible energy transition. Present in over 15 countries, the company plans to expand its services in electric vehicle charging and green energy production. These growth objectives are particularly significant as major energy companies reconfigure their operations to better meet environmental requirements and new investor expectations.
