EIP Boosts Investment in Eni’s Renewables Business Plenitude to €800 Million
- Increased Investment: Energy Infrastructure Partners (EIP) will raise its stake in Eni’s Plenitude by investing an additional €209 million, totaling around €800 million.
- Strategic Growth Support: This follow-on investment underscores Plenitude’s strong performance and supports its integrated renewable energy, power, and EV charging operations.
- Industry Validation: Both EIP and Plenitude highlight the partnership’s alignment with global energy trends and solid performance, with Plenitude’s EBITDA growing from €600 million in 2021 to an expected €1 billion this year.
Energy Infrastructure Partners (EIP), a prominent investor in the energy transition sector, has announced an agreement to increase its stake in Plenitude, Eni’s integrated energy business that spans renewable energy production, energy sales, and electric vehicle charging infrastructure. This move will see EIP inject an additional €209 million into Plenitude, bringing EIP’s total stake to approximately 10% and boosting its total investment to around €800 million. The deal awaits standard regulatory approvals.
Tim Marahrens, EIP partner, expressed confidence in the partnership:
“Over the course of our first year of partnership with Eni we have been thrilled with Plenitude’s impressive growth trajectory and strong performance. Our decision to increase the size of our investment reconfirms our strong belief in the value of the business, the excellence of Plenitude’s entire organization and leadership team, and the company’s ability to deliver in line with its strategy and business plan.”
The follow-on investment comes as Plenitude continues to demonstrate robust growth across its energy portfolio.
Related Article: Plenitude Releases 2023 Financial Statements and Sustainability Impact Report
Stefano Goberti, CEO of Plenitude, remarked,
“I am very pleased with this transaction. EIP’s increased investment in Plenitude is another tangible sign of our business model solidity, also appreciated by those who have been able to see us at work for some time now. In recent years, Plenitude has grown through the passion and commitment of its people, achieving and exceeding its strategic goals, as reflected in its results, with EBITDA steadily increasing from around EUR 600m in 2021 to the EUR 1bn expected this year.”
This strategic partnership aligns with EIP’s mission to collaborate with top-tier energy firms and invest in transformative trends reshaping the energy landscape.
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