Italian energy company Eni announced today the rebranding of its integrated renewables, retail and e-mobility business, renamed “Plenitude,” as the company prepares an initial public offering for the unit.
Eni previously announced plans for the unit’s IPO, which the company believes will allow the business to attract new capital, unlock value and accelerate growth. The unit was created earlier this year by Eni, through the combination of renewables and Gas and Power retail businesses. The combination brings together an integrated system of renewables generation, energy solutions for customers and a charging network of electric vehicles, aligning with an increasing demand for renewables and green energy products for retail customers, according to Eni.
Stefano Goberti, Plenitude CEO, said:
“I am excited to introduce Plenitude, the outpost of Eni’s decarbonisation strategy.
“Our unique proposition integrates the production of renewable energy with the sale of energy solutions and a widespread EV charging network. That’s why we are best suited to be people’s closest ally in the energy transition.”
Post-IPO, Eni plans to maintain a majority stake in the business, and the company stated that the newly positioned Plenitude unit fits into its strategy and long-term commitment to be a decarbonized energy company.
Plenitude currently operates a 1.2 GW renewables portfolio, and the company is targeting more than 6 GW of installed renewables capacity by 2025, and over 15 GW by 2030, including a variety of solar, onshore and offshore wind. The company is also the second-largest EV charging network operator in Italy, with 6,500 charging points, and plans to expand to over 31,000 charging points by 2030.
The business will have roughly zero net debt, with its annual €1.8 billion investment program funded by cash flow and its own debt issuance.
The company aims achieve net zero by 2040, supplying 100% decarbonized energy to all customers, and supporting Eni’s net zero scope 3 emissions goals.
Claudio Descalzi, Eni CEO, said:
“The energy transition is first and foremost a technology challenge, and Eni’s development and rapid deployment of proprietary technologies has consistently created a competitive advantage within our sector. Today, to enhance our technological solutions and unleash their full potential, we are creating independent business vehicles, like Plenitude, with fully optimized capital structures. This focused company will attract new capital, unlock value and accelerate the energy transition.”