Eni eyes listing of Plenitude renewables unit

Facebook
Twitter
LinkedIn
Reddit
Email
Plenitude will target more than 15GW of installed renewables by 2030, the bulk of which is expected to be solar PV. Image: Eni.

Italian oil major Eni is planning an initial public offering (IPO) of its renewables, retail and mobility units that will scale up solar capacity as part of a clean energy push.

Eni will retain a majority stake in the entity, dubbed Plenitude, which is targeting more than 6GW of installed renewables capacity by 2025 and over 15GW by 2030, the majority of which is expected to be solar PV.

Due to be carried out in 2022, the IPO will allow the business to attract new capital, unlock value and accelerate growth, said Eni, which previously set a 55GW renewables goal by 2050.

Eni CEO Claudio Descalzi said the company is seeking additional capital for the energy transition through the listing, adding: “The IPO of Plenitude is a cornerstone of our decarbonisation strategy and key to our ongoing transformation.”

Planning to be financially independent from Eni, Plenitude will invest an average of €1.8 billion (US$2 billion) per year until 2025, with more than 80% of its capex focused on renewables.

Plenitude currently has a 1.2GW operating renewables portfolio, with solar farms in markets such as France, Italy, Australia and the US. The company has more than 10GW of identified renewables projects under development, of which over 5GW are plants in operation, under construction or at a mature stage of development.

Its renewables investment strategy will see it focus on countries with well-developed grids and reliable supply chains, Eni said. By 2025, Spain is expected to account for around 30% of Plenitude’s installed renewables capacity, followed by Italy and the US (both 20%), and then the UK and France (10% each).

As well as acquiring PV projects in Spain from both private equity manager Azora and developer X-Elio, Eni’s solar sector expansion this year has seen it form a joint venture with Italian state lender Cassa Depositi e Prestiti that will aim to deploy 1GW of renewables in Italy by 2025.

While Eni previously pledged to reach 15GW of installed renewables by 2030, its competitors in the oil and gas sector are also looking to ramp up their clean energy portfolios in the coming decade, with Repsol recently announcing a 20GW renewables target by 2030, by which time bp will aim to have 50GW and TotalEnergies 100GW.

Read Next

September 26, 2022
Plenitude, a renewables subsidiary of oil major Eni, has partnered with IPP Infrastrutture to develop 1.5GW of solar PV and wind projects in Italy and Spain.
September 20, 2022
Spanish solar developer Solarpack has reached an agreement to acquire 100% of the shares of developer Solaer.
September 12, 2022
Starlight, the renewables development unit of solar investor and asset manager NextEnergy Group, is progressing with an 87MWp agrivoltaics project in Italy that will be co-located with a 23MW battery energy storage system.
September 9, 2022
The European Union (EU) generated a record 12% of its electricity from solar between May and August 2022, a report from think tank Ember has revealed.
September 8, 2022
Soltec, through its subsidiary Powertis, has entered in an agreement with multi-utility group ACEA to co-develop 340MW of solar PV in Italy.
August 31, 2022
Italy is on track to have its best year for solar PV deployment in a decade as installs jumped during H1 2022, according to new figures from industry association Italia Solare.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)