Eni may shed Plenitude stake to Norwegian fund - report

Italian oil and gas company Eni SpA (BIT:ENI) is holding talks with Norwegian private equity firm HitecVision regarding a potential stake sale in its energy transition business Plenitude, sources in the know have told Reuters.

The platform, which integrates Eni’s renewables generation, power and gas retail business, and its e-mobility activities, is valued by RBC analysts at up to EUR 8.4 billion (USD 9.25bn), including debt.

According to one insider cited by the news agency, HitecVision may buy between 5% and 10% of Plenitude and provide Eni with funds to further expand the business ahead of the potential rekindling of its initial public offering (IPO). The Italian group last summer shelved its plan to float a stake in the business on Euronext Milan due to the deteriorated market conditions.

Plenitude had a portfolio of some 1.8 GW of renewables in operation as of October 2022, which it plans to increase to over 6 GW by 2025 and over 15 GW by the end of the decade. The platform is already partnering with HitecVision in an offshore wind joint venture in Norway.

(EUR 1.0 = USD 1.101)

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