Plenitude: Eip Fund rises to 10% of capital

The Swiss fund Energy Infrastructure Partners (EIP) is increasing its stake in Plenitude, Eni's benefit company, to 10% thanks to a capital increase of EUR 209m against a total investment of EUR 800m, which also includes the EUR 588m paid in last March. The deal recognises an equity value for Plenitude of around €8 billion and an enterprise value of over €10 billion. On Eni's side, the deal confirms the effectiveness of Plenitude's distinctive integrated business model and strengthens the company's financial structure, providing additional resources to its growth strategy and at the same time ensuring the group led by Claudio Descalzi consolidation and control of the company.

"This agreement highlights the innovative nature of the business model and the significant growth prospects of Plenitude, a pillar of our energy transition strategy with the abatement of emissions related to the consumption of our products," commented Eni's chief Transition & Financial officer, Francesco Gattei. "We have embarked on a virtuous path of creating low and zero carbon businesses that attract relevant investors, grow and sustain themselves. We believe this is the way to approach transition'.

Plenitude's number one, Stefano Goberti, is also satisfied. The increase of Eip's investment in Plenitude is another tangible sign of the solidity of our business model, which is also appreciated by those who have been able to see us at work for some time now. In recent years, Plenitude has grown thanks to the passion and commitment of its people, realising and exceeding its strategic goals, as reflected in its results, with ebitda increasing steadily from around EUR 600 million in 2021 to an expected EUR 1 billion this year".

During our first year of partnership, commented Eip partner Tim Marahrens, "with Eni we have been thrilled with Plenitude's impressive growth and excellent performance. The decision to increase our investment reaffirms our confidence in the company, its value, organisation and leadership, and Plenitude's ability to deliver results in line with its strategy and business plan."