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Eni Will Float 30% of its Renewable Energy Subsidiary on the Stock Exchange

Eni bought the trading company Aldro in January to strengthen the gas business that was to remain after the split of Unión Fenosa Gas with Naturgy to unblock the agreement for the regasification plant in Damietta. Plenitude aims to reach more than 6GW of installed renewable capacity by 2025, backed by a visible project pipeline, with the goal of reaching more than 15GW of installed capacity by 2030.

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Eni takes a step forward in its growth operation in the renewables business. The oil company has taken advantage of its Capital Markets Day to announce its intention to rename its clean energy, marketing, and mobility business with the new Plenitude brand and to launch its operation to list 30% of its capital on the stock exchange.

The Italian company’s CEO, Claudio Descalzi, explained that he intends to invest 5.9 billion over the period 2022-2025 to make this spin-off financially independent from Eni.

The objective of the new company, which will bring together the business that the Italian company has been creating this year in Spain, is to reach an Ebitda that will increase from 600 million in 2021 to 1.3 billion in 2025.

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Eni is also strengthening its gas business

Eni bought the trading company Aldro in January to strengthen the gas business that was to remain after the split of Unión Fenosa Gas with Naturgy to unblock the agreement for the regasification plant in Damietta (Egypt).

Plenitude aims to reach more than 6GW of installed renewable capacity by 2025, backed by a visible project pipeline, with the goal of reaching more than 15GW of installed capacity by 2030.

Of this amount, more than 10GW of projects are identified under development, of which more than 5GW are projects in operation, under construction, or at a mature stage of development. The project pipeline is therefore 1.6 times the installed capacity target for 2025.

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The project portfolio is currently diversified in terms of geographic distribution and across all conventional renewable technologies (solar, onshore wind, and offshore wind), with increased exposure to solar projects in the future. In fact, the company acquired Dhamma Energy’s business in Spain, which had a portfolio of 2,800 MW and 120 MW in France.

The company also plans to participate, together with its partners, in multiple tenders for offshore capacity, including Norway, Scotland, France, and other countries with global potential in excess of Eni’s 2 GW, which are not included in the current figures and will be deployed in the second part of the decade.

60% of the installed capacity is today – and is expected to remain throughout the plan – in countries where there is integration with retail customers, such as Italy, Spain, and France.

The new company has a customer base of 10 million, which is expected to reach 11.5 million by 2025 and more than 15 million by 2030.

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(Featured image by makunin via Pixabay)

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First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Olivia McCall is passionate about education, women and children’s rights, and the environment. A long-time investor, she covers news about the latest stocks (lately marijuana and tech), IPOs and indices, and is always on the lookout for socially responsible startups. She also writes about the food sector, and has a keen interest on cryptocurrencies.