Eni to launch IPO for 30% of its Plenitude clean energy unit
Plenitude combines renewables generation, retail customers, electric vehicle charging and energy services in a unique business model.
Italian oil, gas, and energy provider Eni is planning an initial public offering (IPO) of its retail and renewable energy arm, which it recently renamed Plenitude.
Claudio Descalzi, CEO of Eni, and Stefano Goberti, CEO of the integrated renewables, retail and e-mobility businesses presented the details of the newly rebranded entity at a capital markets event in Milan.
Plenitude combines renewables generation, retail customers, electric vehicle charging and energy services in a unique business model. The company plans to supply 100% of decarbonized energy to all its customers by 2040, supporting Eni’s net zero CO2 Scope 3 objectives.
“Eni will retain a majority stake in Plenitude and will continue to support the new vehicle with proprietary technologies, engineering and project management expertise. Through the IPO we are seeking to free more resources to deliver higher returns to our shareholders and additional capital for the energy transition,” said Claudio Descalzi.
Plenitude already has a track record in serving customers in Italy and Europe, with a 1.2 GW operating renewables portfolio by 2021 and it is the second largest e-mobility platform in Italy built through organic and inorganic growth investments. This integrated entity will operate across the full spectrum of the power value chain, with around 2000 employees.
“Our unique proposition integrates the production of renewable energy with the sale of energy solutions and a widespread EV charging network. That’s why we are best suited to be people’s closest ally in the energy transition,” added Stefano Goberti, Plenitude CEO
The company is currently the second largest operator in Italy with around 6,500 charging points, plans to expand the network with a fast growth plan in Europe, reaching around 31,000 charging points by 2030.
