🤝 Eni's Plenitude secures a €700mn commitment from Energy Infrastructure Partners (EIP), representing ~9% of the company's share capital.
💲 Initial capital: €500mn, with an option for EIP to increase to €700mn by early 2024.
💼 Transaction implies an equity value of ~€8bn and an enterprise value exceeding €10bn.
📈 Plenitude's valuation is 25% higher than Eni's 2022 IPO target, thanks to strategic patience.
🔢 The deal reflects an 11X multiple on 2023 earnings, in line with industry leaders like EDP Renewables and Orsted.
🌍 Plenitude's integrated model spans renewables, retail, energy solutions, and EV charging.
🔌 Currently serving ~10 million European customers, with a goal of exceeding 11 million by 2026.
☀️ Ambitious renewable capacity targets: Over 7 GW by 2026 and 15 GW by 2030, up from 3 GW+ in 2022.
🚗 Expanding EV charging network: Over 30,000 charging points planned by 2026.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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