popular articles

The EIP fund increases its share to 10% in Plenitude, Eni’s green division

The Energy Infrastructure Partners (EIP) fund strengthens its investment in Plenitude, Eni's renewable energy subsidiary, valued at over 10 billion euros, to support its strategic growth.

Please share:

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.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Axpo's solar and wind divisions secure a total of 163 MW in two tenders in France, strengthening their key role in the European energy transition strategy.
The National Financial Prosecutor's Office is investigating suspicions of public fund misappropriation involving EDF. Material benefits were allegedly granted to its former executives without any legal framework over several years.
The National Financial Prosecutor's Office is investigating suspicions of public fund misappropriation involving EDF. Material benefits were allegedly granted to its former executives without any legal framework over several years.
Masdar strengthens its global energy portfolio with the acquisition of 70% of TERNA ENERGY, marking a key step in the strategic transfer of assets for Europe’s energy transition.
Masdar strengthens its global energy portfolio with the acquisition of 70% of TERNA ENERGY, marking a key step in the strategic transfer of assets for Europe’s energy transition.
Eni distributes over three million free shares to its employees
Eni distributes over three million free shares to its employees
Africa Oil Corporation increases its stake in Impact Oil & Gas to 39.5%, consolidating its investment strategy in the Orange Basin of Namibia, a key region for the oil sector.
The Indian conglomerate Adani suffered a record loss on the stock market after the indictment of Gautam Adani in the United States, accused of paying $250 million in bribes for solar projects in India.
The Indian conglomerate Adani suffered a record loss on the stock market after the indictment of Gautam Adani in the United States, accused of paying $250 million in bribes for solar projects in India.
Technip Energies, a key player in energy engineering, announces ambitious forecasts: over €8.6 billion in revenue by 2028 and strengthened diversification towards decarbonization and sustainable technologies.
Technip Energies, a key player in energy engineering, announces ambitious forecasts: over €8.6 billion in revenue by 2028 and strengthened diversification towards decarbonization and sustainable technologies.
Mark Noyes, a seasoned expert in renewable energy, joins TerraForm Power as CEO to steer the company’s growth strategy in the face of industry challenges and opportunities.
Mark Noyes, a seasoned expert in renewable energy, joins TerraForm Power as CEO to steer the company’s growth strategy in the face of industry challenges and opportunities.
Wood Mackenzie anticipates a protectionist shift under Trump’s presidency, marked by a retreat from net-zero ambitions. However, renewables and the IRA will continue shaping the U.S. energy future.
The Italian group Enel plans to invest €43 billion by 2027, focusing on networks and renewable energies, while increasing dividends for its shareholders.
The Italian group Enel plans to invest €43 billion by 2027, focusing on networks and renewable energies, while increasing dividends for its shareholders.
Hundreds of complaints highlight major failures at Primagaz due to a change in its IT system. The Energy Ombudsman demands immediate action to protect affected consumers.
Hundreds of complaints highlight major failures at Primagaz due to a change in its IT system. The Energy Ombudsman demands immediate action to protect affected consumers.
Despite a 3% drop in production for the third quarter of 2024, Boralex is pushing forward with new strategic renewable energy projects and strengthening its operational resilience.
Despite a 3% drop in production for the third quarter of 2024, Boralex is pushing forward with new strategic renewable energy projects and strengthening its operational resilience.
The new CEO of Schneider Electric, Olivier Blum, moves to Dubai to oversee growth in India and the Middle East, strategic regions for the company's energy and digital transition efforts.
At COP29, TotalEnergies CEO Patrick Pouyanné defended the oil industry's commitment to reducing methane emissions, emphasizing the importance of gradual progress in addressing the climate crisis.
At COP29, TotalEnergies CEO Patrick Pouyanné defended the oil industry's commitment to reducing methane emissions, emphasizing the importance of gradual progress in addressing the climate crisis.
The French industrial giant Vallourec reported a slight drop in net income to €73 million in Q3 2024. This stability is attributed to its premiumization strategy and strong margins despite challenging market conditions.
The French industrial giant Vallourec reported a slight drop in net income to €73 million in Q3 2024. This stability is attributed to its premiumization strategy and strong margins despite challenging market conditions.
Nexans aims for increased financial performance by 2028, supported by significant investments in global electrification and a strategy focused on energy transition and recycling.
Nexans aims for increased financial performance by 2028, supported by significant investments in global electrification and a strategy focused on energy transition and recycling.
Masdar and KESH sign a strategic partnership to develop large-scale renewable energy projects, positioning Albania as a key player in the European energy market.
Polish energy giant Orlen partners with the European Investment Bank to modernize its energy distribution network, aiming to integrate renewable solutions and strengthen operational efficiency.
Polish energy giant Orlen partners with the European Investment Bank to modernize its energy distribution network, aiming to integrate renewable solutions and strengthen operational efficiency.
In the third quarter, Halliburton reports a 20% drop in net profit, mainly impacted by a cyberattack and slowing demand in North America, its key market.
In the third quarter, Halliburton reports a 20% drop in net profit, mainly impacted by a cyberattack and slowing demand in North America, its key market.
Energias de Portugal (EDP) posts a 37% drop in profits for the third quarter of 2024. The Portuguese group nevertheless continues its investments in renewable energies to support its energy transition.
Energias de Portugal (EDP) posts a 37% drop in profits for the third quarter of 2024. The Portuguese group nevertheless continues its investments in renewable energies to support its energy transition.
Cable manufacturer Nexans announces the creation of Lynxeo, a distinct entity for its industrial cable business, aiming for greater clarity and market visibility.
The Global Battery Alliance reveals the results of a collaborative project involving the world’s largest battery manufacturers to harmonize transparency and sustainability in the battery supply chain.
The Global Battery Alliance reveals the results of a collaborative project involving the world’s largest battery manufacturers to harmonize transparency and sustainability in the battery supply chain.
Engie targets the top of its 2024 forecasts after strong quarterly performance
Engie targets the top of its 2024 forecasts after strong quarterly performance
Akastor ASA acquires Mitsui's shares in AKOFS Offshore for USD 22.5 million, increasing its stake to 75% and consolidating its position in the subsea intervention sector.
Akastor ASA acquires Mitsui's shares in AKOFS Offshore for USD 22.5 million, increasing its stake to 75% and consolidating its position in the subsea intervention sector.

Advertising