MILAN – “The listing of our R&R company is a milestone for the development of our company”. Thus Eni’s CEO, Claudio Descalzi, officially launched the sprint for the next listing operation (IPO) of the company that brings together the retail gas & power and those relating to renewables. The company that will land in Piazza Affari, of which Eni will keep a majority stake, will be called Plenitude, is immersed in the meeting with the market that the energy group organized in Milan.
Plenitude, which arises from the previous Eni gas and light, “will have a unique business model, combines production from renewables, sale of energy and energy services to retail customers, and a capillary network of charging points for electric vehicles”, explains the company. to financial analysts at the headquarters of the Italian stock exchange. “The IPO allows you to attract new capital flows, reveal incremental value and accelerate the growth of Plenitude, which aims to provide 100% decarbonised energy to all its customers by 2040, supporting Eni’s zero emissions goals net of CO2 Scope 3 “, adds Stefano Goberti, CEO of the company that integrates renewables, retail and electric mobility.
The new company that will land on the stock exchange will have net debt close to zero from 1 January 2022 and an annual investment program of approximately 1.8 billion financed with the cash generated by its business and its own debt. Investments will be concentrated above all on renewable activities which will attract over 80% of total expenditure. As for the other financial results, Eni expects that Plenitude will have a gross operating margin (Ebitda, one of the main profitability ratios) more than doubled, from 0.6 billion in 2021 to 1.3 billion in 2025. During the plan period, the generation of positive cash flows and the issuance of debt will largely cover the planned investment needs, predicts Eni, which aims for Plenitude “an investment grade capital profile with a medium-term leverage objective of 3-4x l ‘ebitda “.
From an industrial and commercial point of view, Plenitude is the second largest operator in Italy with approximately 6,500 recharging points and the network will be expanded with a rapid growth plan in Europe, reaching over 31,000 recharging points by 2030. The the goal is to roll out the majority of the charging network for electric vehicles by 2025 up to 27,000 charging points. The 10 million customers are set to grow to 11.5 million by 2025, and to over 15 million by 2030.