Energy Infrastructure Partners (EIP), a leading investor in the energy transition, has signed an agreement on behalf of its clients to acquire a minority stake in Eni’s energy transition company Plenitude. Energy Infrastructure Partners, or EIP, will inject € 500 million into Plenitude’s capital structure, with the option to increase its total investment up to € 700 million.

Eni launched Plenitude in 2021 as a cornerstone of its decarbonization strategy. Operating as an Italian benefit corporation (Società Benefit) incorporating the goal of profit with the purpose of creating a positive impact for society and the environment, Plenitude’s business model combines renewable energy generation assets, retail services for homes and businesses and charging points for electric vehicles into a diversified platform spanning the entire energy value chain.

Today Plenitude operates nearly 3 gigawatts of installed carbon-free generation capacity and nearly 20,000 charging points for electric vehicles, with around 10 million retail customers in Europe and operations in 15 countries worldwide.

With EIP as a shareholder, Plenitude has ambitious growth targets across its business lines for the coming years. By 2026, the company intends to more than double its installed renewable generation capacity to 7 gigawatts; add 10,000 new charging points for a total of 30,000; and expand its earnings before interest, taxes, depreciation and amortization to € 1.8 billion, nearly three times its 2022 level.

"Eni is one of the few companies with the size, track record and expertise to make a mega-scale contribution to the global energy transition," said Roland Dörig, EIP Founder and Managing Partner. “We are excited to work with Eni as a partner to continue building on Plenitude’s impressive growth story and support Eni’s drive to create value for shareholders while contributing to the global energy transition.”

"We are glad to have completed this transaction with EIP, whose expertise in the energy transition and renewables industry is recognized internationally," said Stefano Goberti, CEO of Plenitude. “As a partner, EIP will help support Plenitude’s growth strategy with the goal of achieving carbon neutrality by 2040.”

"The value proposition of vertically integrated energy businesses has become clearer today than ever before,' said Tim Marahrens, EIP partner and co-head of investments. “Diversified businesses with control over their own margins and value chains, like Eni’s Plenitude, are optimally positioned to thrive in markets as the energy transition continues and companies focus increasingly on serving the needs of their customers.”

Rothschild & Co. advised EIP.