Eni has set out a strategy to increase its renewables capacity to 4GW in 2024, 15GW in 2030 and 60GW in 2050.
The move forms part of the Italian oil and gas producer’s target to be completely carbon neutral by 2050.
It also intends to merge its gas and power retail and renewable businesses to further increase integration and synergies and to maximize value generation along the whole green power chain.
This merger will leverage Eni’s large customer base, which is expected grow from 11 to 15 million clients.
Overall investment for the combined businesses will be €4bn, mainly assigned to renewables.
The merged company is expected to increase the EBITDA proforma to almost €1bn in 2024 from €0.6bn in 2021.
Retail will increase EBITDA to €0.7bn by the end of plan, also thanks to an increased share of services, such as distributed solar PV sales and energy efficiency solutions, that will represent above 20% of EBITDA.
Renewables will deliver a robust EBITDA proforma of €0.2bn in 2024, according to Eni’s projections.
Eni CEO Claudio Descalzi said: “Eni is strongly committed to continue to play a key role in sustainability and innovation, supporting social and economic development in all our activities.
“Today we are taking another step forward in boosting our transformation.
“We commit to the full decarbonization of all our products and processes by 2050.
“Our plan is concrete, detailed, economically sustainable and technologically proven.
“Today we are also announcing the merge of our renewable and retail businesses.
“With this new entity, our large customer base will continue to grow in synergy with our renewable business.”