Eni (E.US) sells stake in renewable energy business to EIP, CEO to continue asset disposals
1min read Italy's Eni (E.US) has agreed to sell additional shares in its renewable energy unit Plenitude to Energy Infrastructure Partners AG (EIP), increasing the Swiss infrastructure group's stake to 10%.
Eni said on Monday that EIP's investment in Plenitude was worth about 800 million euros through a capital increase of about 209 million euros (224 million dollars), including 588 million euros paid for its previous stake in March.
The announcement marks the latest move in Eni's broader asset strategy, which it calls "satellite mode", which requires spinning off entire units or partnering with outside investors. EIP first invested in Plenitude's equity in 2023.
Plenitude said in another statement that the transaction announced on Monday would value the renewable energy unit's equity after the deal at about 8 billion euros, and the enterprise value at over 10 billion euros.
Eni CEO Claudio Descalzi said the group also wants to spin off and sell part of Enilive, its bio-refining and mobility unit, and create a new carbon capture and storage unit.
Eni's 2027 business plan requires the sale of assets worth 8 billion euros, including stakes in upstream assets. The company said last month that the plan was "progressing faster than expected".
