Eni, which will retain a majority stake in the new listed company, aims to complete the transaction in the course of 2022
Eni officially launches the IPO of the business of the business that integrates the retail gas & power and those relating to renewables (Eni R&R). At the end of today’s board of directors, the announcement of the IPO arrived, which Eni presents as “the best solution to enhance the business”. The transaction is expected to be completed in the course of 2022, based on market conditions. Eni will keep the majority stake in the new listed company. THE details on the initiative, including the name of the new company, will be illustrated by the Six-legged Dog during the capital markets day on the calendar November 22 next.
Last April Eni announced the launch of a strategic project aimed at defining the industrial and financial plan of Eni R&R, with the aim of identifying the best option to maximize the value of this business, unique in its model and part of the most Eni’s broad commitment to create value through the energy transition and to achieve net zero emissions. “The listing will support Eni in the growth of its retail and renewable businesses, and will provide investors with greater visibility on their value. Eni R&R will be independent from a financial point of view, and will have its own balance sheet and credit rating which will allow it to access debt at competitive costs to finance growth ”, the note reads.
The numbers of Eni R&R
Since the announcement of the strategic project, Eni has integrated retail and renewables, expanded and mocked its portfolio of renewables through acquisitions, and positioned Eni R&R as the second Italian operator of charging points for electric cars. Eni R&R is in line with the goal of developing over 6 GW of renewable capacity by 2025 and over 15 GW by 2030, with a customer base set to grow from 10 million today to over 15 million over the same period and a network of charging point infrastructures for electric mobility which is expected to grow from 5,000 to over 30,000 by 2030. Eni R&R’s Ebitda is expected to grow from the approximately 0.6 billion expected in 2021 to 1.2 billion in 2025.
Descalzi: “to become a leader in the production and marketing of completely decarbonised products”
“We aim to become a leader in the production and marketing of completely decarbonised products and this IPO is an important step towards the goal”, comments the CEO of Eni, Claudio Descalzi, underlining that “the union between retail and renewables represents a business of exception, which brings together our growing capacity in terms of renewable energy and our growing customer base, with a unique positioning able to seize the opportunities offered by the energy transition “. And he concludes: “The IPO will allow us to release significant value, supporting the growth of the business and supporting Eni and our customers in achieving the goal of zero emissions”.