Italian oil, gas, and energy provider Eni is planning an initial public offering (IPO) of its retail and renewable energy arm, which it recently renamed Plenitude.
The new company will comprise all group's business for the development of renewable energy, the sale of energy solutions, and the creation of a widespread EV charging network.
“Eni will retain a majority stake in Plenitude and will continue to support the new vehicle with proprietary technologies, engineering and project management expertise,” the company's CEO, Claudio Descalzi, said in a statement. “Through the IPO we are seeking to free more resources to deliver higher returns to our shareholders and additional capital for the energy transition.”
The Italian energy giant is currently planning to offer decarbonized products to its customers by 2040 and reach carbon neutrality by 2050.
It recently acquired Italy's second-largest EV charging stations operator Be Power S.p.A. In March, Italian sovereign wealth fund Cassa Depositi e Prestiti Equity (CDP Equity), which is administered by government-run Italian investment bank Cassa Depositi e Prestiti (CDP), joined forces with Eni and created a joint venture to invest in the renewable energy sector in Italy.
Eni completed a 31 MW solar plant at one of its chemical industry sites in Sardinia and is planning to install 220 MW of PV power plants in the country as well as a 14 MW floating PV project. It also launched a partnership with Italian state-owned utility Enel to bring online 20 MW of hydrogen capacity between 2022 and 2023.
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