Eni has announced its intention to launch an initial public offering (IPO) for its renewable energy development division Plenitude.
Eni plans to list a minority stake in the company on the Italian bors, also known as Euronext Milan.
Currently 100% owned by the energy major, Plenitude is an integrated business combining renewable electricity generation, the sale of electricity, retail gas and energy services and a European network of charging points for electric vehicles.
No timeline for the listing was provided, but Eni said it intends to retain a majority stake following the IPO and is committed to continue supporting the company.
Taking into account net debt of €1.6 billion, analysts at RBC have reportedly valued Plenitude at around €8.4bn.
As of 31st March 2022, Plenitude had an installed renewables generation capacity of 1.4 GW and a pipeline of renewables projects of over 10 GW. Its retail portfolio covers 10 million clients and an electric vehicle charging network of 7,300 proprietary installed charging points .
Eni said the business will benefit from an integrated, OECD-focused, diversified portfolio of assets with a stable and increasing customer base, while cash flows from the retail unit area will underpin growth.
Plenitude CEO Stefano Goberti said: “Today marks an important milestone for Plenitude as we move forward with the process of listing on Borsa Italiana. Plenitude is an integrated energy business working towards the goal of helping customers cut their emissions and creating value for all stakeholders.
“Plenitude is a unique proposition and we believe that the integration of our businesses will deliver valuable benefits and synergies, offering a clear solution to today’s energy needs. We have set clear and ambitious growth targets to expand our portfolio and we are focused on delivering them. We intend to do so while maintaining a solid financial position and an investment-grade profile,” he added.
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