Eni's Plenitude and EIP boost stake with €209 million raise

The partnership between ENI’s subsidiary Plenitude and the Swiss fund Energy Infrastructure Partners (EIP) is growing stronger. In December 2023, EIP reached an agreement with Plenitude for a capital increase of up to 700 million euros, which would result in an approximately 9% stake in the company post-transaction (see BeBeez article).

Eni's Plenitude and EIP boost stake with €209 million raise

Plenitude is ENI’s benefit corporation, focused on 100% renewable energy production, energy services, and electric vehicle charging networks. ENI and EIP announced yesterday that they have signed a new agreement to further increase EIP's stake in Plenitude, through a capital increase of about 209 million euros. This will raise EIP's stake to 10% post-transaction, giving Plenitude an equity value of around 8 billion euros and an enterprise value exceeding 10 billion euros, according to the energy company.

EIP's total investment hits €800 million

Considering that the previous capital increase by EIP in March 2024 amounted to 588 million euros (around 7.6% of the capital), the total investment by EIP now reaches approximately 800 million euros. The fund holds its stake through Monza Holding II Sarl. The deal’s completion is subject to the usual regulatory approvals. Mediobanca acted as financial advisor to ENI, while Rothschild & Co advised EIP.