Eni Signs Agreement With Energy Infrastructure Partners to Invest in Plenitude
21 December 2023 - 7:38PM
Dow Jones News
By Andrea Figueras
Eni said investment services provider Energy Infrastructure
Partners will invest in its low-carbon unit Plenitude and become a
minority shareholder.
Energy Infrastructure Partners will acquire up to 9% equity
stake in Plenitude through a capital increase, for an investment of
up to 700 million euros ($766 million) by early 2024, Eni said.
The transaction implies an equity value for Plenitude post money
of up to around EUR8 billion and will reinforce the subsidiary's
balance sheet, reducing corporate debt and supporting the company's
strategic plan, it said.
This agreement will support the company's growth in the
production of energy from renewable sources, in the market for the
sale of energy and energy efficiency solutions for retail and
business customers, and in the deployment of charging
infrastructure for electric mobility in Italy and Europe, Plenitude
said.
The deal is also set to improve Eni's capital structure,
reducing its consolidated net financial leverage and optimizing its
capital base, said Eni's Chief Executive Claudio Descalzi.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
December 21, 2023 03:23 ET (08:23 GMT)
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