Energy Infrastructure Partners to invest in Eni’s Plenitude

• Energy Infrastructure Partners will invest up to EUR 700m in Eni’s Plenitude, a diversified energy transition company with operations across the energy value chain
• Operating in 15 countries, Plenitude’s business model integrates renewable energy production, energy sales and solutions and a network of charging points for electric vehicles

ZURICH & MILAN, 21 December 2023 — Energy Infrastructure Partners, 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 EUR 500m into Plenitude’s capital structure, with the option to increase its total investment up to EUR 700m.

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.

Mega-scale contribution to the energy transition

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 EUR 1.8bn, 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.”

Value proposition of vertical integration stronger than ever

“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.”

The investment in Plenitude builds on EIP’s track record of investments in global development platforms alongside partners like Eni. Recent additions to EIP’s portfolios include stakes in Repsol Renovables in partnership with the Spanish energy giant Repsol S.A.; Boralex France in partnership with the leading Canadian utility Boralex Inc.; and BayWa r.e. in partnership with Germany’s BayWa AG.

Rothschild & Co. advised EIP.

 About Energy Infrastructure Partners AG 

Energy Infrastructure Partners AG is a Switzerland-based manager of collective assets focused on long-term equity investments in high-quality, large-scale renewables and system-critical energy infrastructure assets. Our strategy and investment horizon align with the lifetime of the underlying assets and generate visible cash flows. With over CHF 6 billion under management, EIP leverages an extensive industry network, broad transaction experience and partnerships with leading energy companies and the public sector to develop and manage investment solutions for institutional investors globally. EIP’s investor base includes pension funds, insurance companies and large family offices, who are increasingly interested in contributing to the security of the energy supply as a pathway to create positive economic, ecological and social developments, and whose long-term funding needs closely match the energy infrastructure asset class.

About Plenitude

Plenitude, a company owned by Eni, operates within the market with a distinctive business model that seamlessly integrates renewable energy production, energy sales and solutions, along with an extensive network of electric vehicle charging points. Plenitude provides energy to approximately 10 million European retail customers, aiming to extend its reach to over 11 million customers by 2026. The company has a renewable operational capacity portfolio of around 3 gigawatts and aims to scale to over 7 gigawatts by 2026 and over 15 gigawatts by 2030.

In the electric mobility sector, it owns a network of almost 20,000 charging points, which is set to expand across Italy and Europe, with the aim of reaching 30,000 points by 2026. Plenitude is also a leader in Italy for generating distributed energy from small-scale photovoltaic systems. Plenitude operates as a benefit corporation (Società Benefit), incorporating the objective of having a positive impact on people, communities and the environment into its articles of association. It aligns with Eni’s broader commitment to create value through the energy transition. Operating in 15 countries worldwide, Plenitude will reach zero net carbon dioxide emissions across scopes 1, 2 and 3 by 2040 and, thanks to an integrated and diversified proposal, it will provide decarbonized energy to all customers.