Plenitude is born, Eni shares renewable and retail activities

Is called
Plenitude the company of Eni group which brings together the activities in retail and renewable energy and that will be qplaced on the stock exchange by the end of 2022

. The top management of the energy group presented the new company to the financial community in Milan and indicated the objectives for the next few years. Among these is the commitment to reach the net emissions target of zero by 2040, providing the 100% decarbonised energy to all customers. The listing of Plenitude, explained theCEO of Eni, Claudio Descalzi, “it’s a cornerstone of our decarbonisation strategy and a fundamental step in Eni’s ongoing transformation “. The new company” will attract new capital, free up value and accelerate the energy transition “. Eni will keep a majority stake in Plenitude, which should have a free float on the stock market of around 20-30% of the capital. The listing will take place in the course of 2022, “but we have to take the right time windows, given the high volatility” of the markets, added Descalzi.

On the front retail the company aims to 11.5 million customers by 2025, from 10 million today, and over 15 million by 2030, while in the renewable the goal is to achieve over 6 Gigawatts of installed capacity renewable by 2025, supported by a pipeline of projects already identified, to then exceed 15 Gw by 2030. In the electric mobility segment, then, from the current 6,500 charging points, Plenitude’s target is to expand the network with a rapid growth plan in Europe, reaching beyond 31 thousand charging points by 2030.

To achieve these objectives, growth will be guided by a plan of average annual investments of 1.8 billion euros in the period 2022-2025, mainly concentrated on renewable activities that will attract over 80% of the total expenditure. On the financial front, Plenitude is aiming for an Ebitda more than doubled, from 0.6 billion euros in 2021 to 1.3 billion in 2025, and an operating cash flow of around 1 billion by 2025. The net debt it will be close to zero on January 1, 2022

L’CEO of the new company, Stefano Goberti, explained that Plenitude is “the outpost of Eni’s decarbonisation strategy. We can count on a solid balance sheet, independent access to the financial markets, the availability of cash generated by retail and a structured organization supported by a strong reference shareholder. “.