Key Impact Points:

• Major Investment in Energy Transition: KKR’s $3.2 billion acquisition of a 25% stake in Enilive enhances Eni’s decarbonization efforts and accelerates its growth in sustainable mobility solutions.
• Strategic Partnership: The investment strengthens KKR’s infrastructure portfolio while helping Enilive scale its biorefining capacity and international reach.
• Enilive’s Growth Trajectory: Eni plans to more than double its biorefining capacity by 2026 and reach 5 million tons annually by 2030, advancing its carbon neutrality goals for 2050.

KKR, a leading global investment firm, has signed an agreement to acquire a 25% stake in Enilive, Eni’s mobility transformation company, for €2.94 billion ($3.2 billion). This acquisition values the unit at $12.8 billion and is part of Eni’s strategy to attract co-investors in its growth businesses, including biofuels and smart mobility solutions. The deal is expected to close following customary regulatory approvals.

Strategic Growth for Sustainable Mobility

Enilive focuses on biorefining, biomethane production, and smart mobility solutions, all aimed at progressively decarbonizing the transportation sector. The company operates more than 5,000 Enilive Stations across Europe, providing a wide range of mobility energy carriers. Eni plans to more than double its biorefining capacity from 2023 to 2026 and achieve a capacity of over 5 million tons by 2030.

Alberto Signori, Partner in KKR’s European Infrastructure team, expressed enthusiasm for the partnership:
“We are thrilled to strategically partner with Eni on this investment in Enilive, a key player in advancing the energy transition. This aligns with our strategy to support transformative energy projects across Europe. With our global infrastructure platform and local expertise, we’re excited to help Enilive scale its impact in decarbonizing transportation and expand internationally. We look forward to contributing to its continued growth and success.”

Enilive’s Role in Eni’s Carbon Neutrality Goals

The transaction is part of Eni’s “satellite model strategy,” designed to raise capital for new ventures while preserving cash flow from traditional businesses. Enilive is crucial to Eni’s aim to achieve carbon neutrality by 2050.

Eni CEO Claudio Descalzi highlighted the significance of the deal, stating:
“We believe that the right path to successfully address the transition entails the creation of low or zero-carbon businesses that respond to a real and existing demand for energy products and that grow independently thanks to the success of their business models and products. With KKR’s support, Enilive is poised to capitalize on its ambitious growth plans and continue delivering real, scalable energy transition solutions.”

RELATED ARTICLE: Enilive’s Diesel from 100% Renewable Raw Materials Powers Lannutti’s Fleet

KKR’s acquisition follows other notable investments in Italy, including the purchase of Telecom Italia’s fixed-line network. KKR’s involvement through its Global Infrastructure Strategy underscores its commitment to supporting transformative energy projects and sustainable infrastructure globally.

Financial and Legal Advisors

Deutsche Bank and UniCredit acted as financial advisors for KKR, with legal counsel provided by Kirkland & Ellis and Gianni & Origoni. For Eni, JP Morgan and Mediobanca served as financial advisors.

This deal not only strengthens KKR’s energy transition portfolio but also positions Enilive as a significant player in Europe’s decarbonization efforts.