Eni S.p.A. Sponsored ADR (E.US) sells stake in renewable energy business to EIP CEO to continue driving asset disposals.

Italian energy group Eni S.p.A. Sponsored ADR (E.US) has agreed to sell additional shares of its renewable energy division Plenitude to Energy Infrastructure Partners AG (EIP), increasing the Swiss infrastructure group's stake to 10%. Eni S.p.A. Sponsored ADR announced on Monday that with a capital increase of approximately 2.09 billion euros (2.24 billion dollars), EIP's investment value in Plenitude will reach around 8 billion euros, including the 5.88 billion euros paid for the previous stake in March. This statement marks the latest move in Eni Group's broader asset strategy, referred to as the "satellite model," which involves divesting entire departments or partnering with external investors. EIP first invested in Plenitude's equity in 2023. In another statement, Plenitude stated that the deal announced on Monday will bring the post-transaction equity value of the renewable energy division to around 8 billion euros, with an enterprise value exceeding 10 billion euros. Eni CEO Claudio Descalzi stated that the group also plans to divest and sell a portion of its stake in the bio-refining and mobility subsidiary Enilive, and establish a new carbon capture and storage division. Eni Group's 2027 business plan calls for the sale of assets worth 8 billion euros, including stakes in upstream assets. The company stated last month that the plan is progressing faster than expected.