by Verità&Affari editorial team
Eni, Plenitude and Energy Infrastructure Partners (EIP) have signed a agreement for the entry of EIP into the share capital of Plenitude through a capital increase of up to 0.7 billion euros which, after the operation, will be equal to approximately 9% of the share capital. In particular, the parties agreed that the initial amount of the capital increase is 0.5 billion euros, with the option for EIP to rise to 0.7 billion euros by the beginning of 2024. The operation is equivalent to a post money Plenitude Equity Value of approximately 8 billion euros and a Enterprise Value of over 10 billion euros.
“We accomplished an excellent operation – commented theCEO of Eni, Claudio Descalzi – Thanks to this, we make the value of Plenitude explicit; we strengthen its financial structure to further support its energy transition and growth path; and we establish a long-term partnership with a leading international financial investor capable of contributing to the further creation of value by Plenitude. Finally, we further improve Eni’s capital structure, reducing consolidated net leverage and strengthening the capital base.”
“It is a fundamental result in the development of our satellite modela key strategic initiative aimed at enhancing our high-potential businesses, creating the conditions for independent growth, guaranteeing access to new financial resources and highlighting their market value – he explained – We have taken an important step forward in the valorisation of one of our strategic companies which, together with our sustainable mobility company Enilive, is focused on the marketing of increasingly decarbonised products and on the reduction of Scope 3 emissions in our energy transition path”
Plenitude (formerly Eni gas and electricity) currently supplies energy to approximately 10 million European customers in the retail market with the aim of reaching over 11 million by 2026. The company plans to achieve over 7 GW of installed renewable capacity by 2026 and 15 GW by 2030 – compared to 2.2 GW at the end of 2022 – and to have, by 2026, over 30,000 charging points for electric vehicles installed. Plenitude’s EBITDA is expected to triple from 2022 to 2026, reaching 1.8 billion euros. TO June 2022 Eni had decided to postpone – due to market uncertainty – the initial public offering (IPO) of Plenitude shares on Euronext Milan. (Teleborsa)