Eni's Board of Directors approves the launch of a strategic project for the listing or sale of a minority stake in the new Eni gas and electricity and renewables business unit
Eni's Board of Directors, which met yesterday under the chairmanship of Lucia Calvosa, approved the launch of a strategic project in order to define and evaluate the industrial and financial plan of the new corporate vehicle that will arise from the union of the retail and of renewable energy.
The study also provides for the assessment of multiple options for the best valuation of this company in the course of 2022, subject to market conditions. The options under consideration include the listing on the stock exchange through an initial public offering (IPO), or the sale or exchange of a minority stake.
To date, Eni has around 10 million customers, which it considers an important source of value for the company. The merger of the retail and renewable businesses, whose development plan provides for a significant increase in installed capacity, will maximize the creation of value by expanding the offer of services, infrastructures and green energy directly to large retail customers.
The new company will have the goal of developing electricity generation capacity from renewable sources in excess of 2025 GW by 5. This capacity will be offered to the growing customer base, of over 11 million by that date, with overall EBITDA expected to grow, from 600 million euros in 2021 to over 1 billion euros in 2025.
The project, which already involves an Eni team, supported by strategic and financial advisors, is part of the Company's broader commitment to create value through the energy transition and will contribute to achieving the scope 3 emission reduction targets, a fundamental part of the strategy which will lead Eni to carbon neutrality by 2050.