Today investor Energy Infrastructure Partner (EIP) announced it is acquiring a minority stake in Eni energy transition company Plenitude. EIP will inject €500 million into Plenitude’s capital structure, with the option to increase its total investment to EUR 700m.
Eni launched Plenitude in 2021. It combines renewable energy generation assets, retail services for homes and businesses and charging points for electric vehicles into a diversified platform.
Today, Plenitude operates nearly 3 gigawatts of installed carbon-free generation capacity and almost 20,000 charging points for electric vehicles, with around 10 million retail customers in Europe and operations in 15 countries worldwide.
By 2026, the company intends to double its installed renewable generation capacity to 7 gigawatts, bring its charging points to 30,000, and expand its earnings before interest, taxes, depreciation and amortisation to €1.8 billion, nearly three times its 2022 level.
According to Roland Dörig, EIP founder and managing partner:
“Eni is one of the few companies with the size, track record and expertise to make a mega-scale contribution to the global energy transition.
We are excited to work with Eni as a partner to continue building on Plenitude’s impressive growth story and support Eni’s drive to create value for shareholders while contributing to the global energy transition.”
Stefano Goberti, CEO of Plenitude shared:
“We are glad to have completed this transaction with EIP, whose expertise in the energy transition and renewables industry is recognised internationally.
As a partner, EIP will help support Plenitude’s growth strategy to achieve carbon neutrality by 2040.”
Lead image: Federico Beccari.