Eni’s renewables arm Plenitude intends to float on the Milan stock exchange.
Plenitude, currently 100% controlled by Eni, is an integrated business combining the generation of electricity from renewables, the sale of electricity, gas and energy services to households and businesses, and a European network of charging points for electric vehicles.
The company had an installed renewables generation capacity of 1.4GW and a pipeline of renewables projects of over 10GW, as of 31 March.
For the 12 months ended 31 December 2021, adjusted EBITDA and cash flow from operations were €0.6bn and €0.4bn respectively.
The company will leverage an integrated, OECD-focused, diversified portfolio of assets with a stable and increasing customer base, Eni said.
The cash flows from the retail business area will underpin the growth of the business, with the company having sufficient leverage capacity to independently achieve its targets through a strong balance sheet and an investment-grade profile.
Sustainability is at the core of Plenitude as it plans to achieve Net Zero scope 1, 2 and 3 emissions by 2040.
Eni considers the IPO an important step in the development of Plenitude.
The IPO will enable the company to diversify its ownership structure, create a long-term shareholder base, access competitive funding, consolidate its positioning and develop more quickly while creating sustainable value for all stakeholders.
Eni intends to retain a majority stake following the IPO and is committed to continue supporting Plenitude.
Plenitude chief executive Stefano Goberti said: “Today marks an important milestone for Plenitude as we move forward with the process of listing on Borsa Italiana.
“Plenitude is an integrated energy business working towards the goal of helping customers cut their emissions and creating value for all stakeholders.
“Through the development of our pipeline of renewables and expansion of our e-mobility businesses, we are making sustainable energy solutions more accessible, offering decarbonized energy and products to over ten million retail customers.
“Plenitude is a unique proposition and we believe that the integration of our businesses will deliver valuable benefits and synergies, offering a clear solution to today’s energy needs.
“We have set clear and ambitious growth targets to expand our portfolio and we are focused on delivering them. We intend to do so while maintaining a solid financial position and an investment-grade profile.
“As a ‘Società Benefit’ we are committed to grow in a sustainable manner while targeting Net Zero scope 1, 2 and 3 GHG emissions by 2040.”