ENERGY SECTOR: Eni Reportedly In Talks For Plenitude Stake Sale; Credit Positive
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Another step on Eni’s asset sale journey; an incremental positive though the strategy has been well road-mapped so news around stake sales in Plenitude and Enilive haven’t come as surprising.
• Eni is in talks to sell a roughly 10% stake in its renewable and retail unit, Plenitude, valuing it at over EUR 10bn.
• Potential investors include Apollo Capital, HitecVision, and Trilantic Europe; the follows a 7.6% sale to Energy Infrastructure Partners in March.
• Plenitude targets 2024 EBITDA of EUR 1bn, up from EUR 0.9bn in 2023, driven by renewables, energy services, and EV charging.
• Eni's ‘satellite’ strategy to create independent entities that will finance their own growth includes stake sales in both Plenitude and its biofuels unit Eni live for which an exclusivity agreement was signed for a 25% stake sale to KKR back in June.