Eni, Plenitude and Energy Infrastructure Partners (EIP) have signed an agreement to increase EIP’s stake in Plenitude through a capital increase of approximately €209 million. EIP’s participation, after the transaction, would be 10% of Plenitude’s share capital, for a total investment of around 800 million euros, including the 588 million disbursed last March.
The transaction implies a value of Plenitude’s own funds after the operation of around 8,000 million euros and an enterprise value of more than 10,000 million euros.
The agreement confirms the effectiveness of Plenitude’s distinctive integrated model and reinforces its financial structure, bringing additional resources to its growth strategy, while ensuring that Eni maintains consolidation and control of the company. Furthermore, the agreement represents a significant step in the implementation of Eni’s satellite model, aimed at creating the conditions for the independent growth of high potential businesses, guaranteeing access to new pools of aligned capital and providing visibility on their fair market value .
Francesco Gattei, Chief Transition & Financial Officer at Eni, commented: “This agreement highlights the innovative nature of Plenitude’s business model and its significant growth opportunities. The company is a pillar of our energy transition strategy aimed at reducing emissions related to the use of our products. We have embarked on a virtuous path of creating low or zero carbon companies that attract leading investors, grow organically and become self-sufficient. “We believe this is the approach to address the energy transition.”
Closing of the transaction is subject to customary approvals required by law.
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