Eni to list energy transition business Plenitude

Italian oil and gas company Eni SpA (BIT:ENI) on Thursday said it intends to launch an initial public offering (IPO) for Eni Plenitude SpA, its business that integrates renewables generation, sale of electricity, gas and energy services and a electric vehicle (EV) charging points network.

It will conduct the IPO, likely consisting of a public offering and a private placement, on Euronext Milan. Eni plans to keep a majority stake in the business, which was rebranded last year ahead of a planned IPO in 2022.

“Partially selling the business will unlock significant value and accelerate its growth, helping Eni cut the Scope 3 emissions currently generated by our customers - a key step to achieving our net zero target,” said Eni chief executive Claudio Descalzi.

Plenitude has installed renewable energy capacity of around 1.4 GW, which it plans to increase to over 6 GW by 2025 and over 15 GW by 2030.

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