Eni's Board of Directors, meeting under the Chairmanship of Lucia Calvosa, approved the start of the initial public offer (IPO, Initial Public Offer) and share listing of the business that integrates the retail gas & power and those relating to renewables (in the text conventionally referred to as "Eni R&R").
Eni has assessed the IPO as the best solution to enhance the business and aims to complete the transaction in the course of 2022, based on market conditions. Eni will keep the majority stake in the new listed company.
Last April Eni announced the launch of a strategic project aimed at defining the industrial and financial plan of Eni R&R, with the aim of identifying the best option to maximize the value of this business, unique in its model and part of the most Eni's broad commitment to create value through the energy transition and to achieve net zero emissions.
The listing will support Eni in the growth of its retail and renewable businesses, and will provide investors with greater visibility on their value. Eni R&R will be financially independent, and will have its own balance sheet and credit rating that will allow it to access debt at competitive costs to finance growth.
Since the announcement of the strategic project, Eni has integrated retail and renewables, expanded and mocked its portfolio of renewables through acquisitions, and positioned Eni R&R as the second Italian operator of charging points for electric cars. Eni R&R is in line with the goal of developing over 6 GW of renewable capacity by 2025 and over 15 GW by 2030, with a customer base set to grow from the current 10 million to over 15 million in the same period of time and a network of charging point infrastructures for electric mobility which is expected to grow from 5.000 to over 30.000 by 2030. Eni R&R's Ebitda is expected to grow from the approximately € 0,6 billion expected in 2021 to 1,2 billion euro in 2025.
Eni R&R has a unique positioning thanks to its integrated business model, and its size, diversification and growth profile. The combination of renewable generation and retail business is able to create significant cost synergies, to stabilize cash flows thanks to the combination of power generation and retail sales, and to create opportunities related to the supply of renewable electricity and services to customers. , increasing the returns on capital.
Eni will provide further information on the initiative, including the name of the new company, during the capital markets day, scheduled for next November 22nd.
Eni's CEO, Claudio Descalzi, commented: “We aim to become a leader in the production and marketing of completely decarbonised products and this IPO is an important step towards the goal. The union between retail and renewables represents an exceptional business, which brings together our growing capacity in terms of renewable energy and our growing customer base, with a unique positioning able to seize the opportunities offered by the energy transition.
The IPO will allow us to release significant value, supporting the growth of the business and supporting Eni and our customers in achieving the goal of zero emissions ".