Eni's Plenitude buys renewables company with 1.6-GW portfolio

Plenitude, the energy transition business of Italian oil and gas company Eni SpA (BIT:ENI), has clinched a deal to acquire Italian renewable project developer, power producer and retailer PLT, taking hold of its 1.6-GW fleet in Italy and Spain.

The agreement covers the purchase of PLT Energia Srl and SEF Srl and their respective subsidiaries and affiliates, Eni said on Thursday. According to the Italian group, the deal is set to expand Plenitude's pipeline of renewable energy projects to about 13 GW and help it achieve its 2-GW goal for installed capacity. It will also add 900,000 new retail customers in its home country.

While the value of the transaction was kept under wraps, unnamed sources have told Reuters that the price could exceed EUR 500 million (USD 526.2m).

The target will bring more than 400 MW of Italian assets, mostly wind farms, most of which are already generating electricity. Around 20% of the overall capacity is under construction and is planned to be commissioned by 2024. Additionally, PLT has 1.2 GW of projects under development in Italy and Spain, with more than half of them being in advanced maturity stages.

“This acquisition will allow us to exceed 2 GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6 GW in 2025,” said Plenitude’s CEO Stefano Goberti.

The deal is seen to support Plenitude’s growth and enhance its position in both Italy and Spain. Its closing is subject to customary approvals, Eni said.

(USD 1.0 = EUR 1.052)

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