Eni Expects Over $11 Billion Valuation for Renewables Arm Plenitude
- Eni is fielding five binding bids for a second minority stake in Plenitude, valuing it at over €10B ($11B+), with expectations of a premium.
- The sale is part of Eni’s satellite strategy to fund its energy transition, targeting €13B in cashflow over four years.
- Market volatility, including U.S. trade tariffs, hasn’t slowed investor appetite for Plenitude
Eni is preparing to sell a second minority stake in Plenitude, its renewables and retail arm, expecting the business to be valued above €10 billion ($11B), including debt.
“We have received binding offers for another Plenitude stake … There are five bidders,” said Francesco Gattei, Eni’s Chief Transition and Financial Officer, at an energy conference in Ravenna.
The move follows Swiss fund Energy Infrastructure Partners (EIP) acquiring an initial stake that also valued the business at €10B.
Plenitude is core to Eni’s satellite strategy—divesting stakes in high-growth units to raise capital for its energy transition goals. This second sale is poised to attract a valuation premium, according to Gattei, though he declined to comment on media speculation of a possible €13B valuation.
Preliminary offers have been reviewed, and Eni is entering the second phase of the sale process—inviting binding bids and opening discussions around governance and contractual terms.
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“The expectation is that there will be a premium compared with the value established in the first transaction,” Gattei noted.
He also emphasized that recent market volatility, including U.S. trade tariffs, hasn’t dented investor interest.
Last month, Eni sold 30% of its biofuel business, Enilive, to U.S. private equity giant KKR, signaling the momentum behind its asset-light capital strategy.
Gattei affirmed: “These satellite operations are expected to generate about €13 billion of cashflow in the next four years.”
Eni’s evolving capital structure continues to attract institutional and private equity interest, reinforcing investor confidence in its long-term transition roadmap.
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