Energy Infrastructure Partners invests in Eni subsidiary
Published: Thursday, Dec 21st 2023, 10:30
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The asset manager Energy Infrastructure Partners (EIP) is investing in Plenitude. This is a subsidiary of the Italian oil company Eni, which is active in the field of renewable energies.
EIP will contribute a minority stake worth up to 700 million euros, according to a statement on Thursday. Initially, 500 million would be contributed - with the option to increase.
The investment is to be made as part of a capital increase, as detailed in a separate announcement from Eni. Once the transaction has been completed, the maximum amount is estimated to correspond to 9 percent of Plenitude's share capital. This would value the subsidiary at 10 billion euros, it said.
Electricity production to more than double
The energy giant Eni founded Plenitude in 2021 as the cornerstone of its decarbonization strategy, EIP writes further. The renewables division reportedly has branches in 15 countries and a production capacity from renewable energies of almost 3 gigawatts. It also operates around 20,000 charging points for electric vehicles and has almost 10 million end customers in Europe.
The company plans to more than double its electricity production capacity to 7 gigawatts by 2026 and expand its charging network to 30,000 jobs. Earnings before interest, taxes, depreciation and amortization are expected to increase to 1.8 billion euros, which is almost three times as much as in 2022.
EIP is a Swiss fund manager that focuses on direct investments in energy infrastructure assets - with assets under management of over CHF 6 billion. Its investors include pension funds, insurance companies and large family offices. EIP is one of the anchor shareholders of the Swiss energy group Alpiq.
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