Claudio Descalzi, the CEO of Italian energy company Eni, said at a presentation on Monday that the company would list 20% to 30% of its new retail and renewables business depending on market conditions, Reuters reported, citing sources familiar with the matter. A listing of 30% of the business, called Plenitude, would become one of the biggest initial public offerings (IPO) in Italy in 2022. Descalzi said the IPO would be part of Eni’s decarbonisation strategy and its shift from oil and gas.
Plenitude, established earlier this year, could be worth around €10 billion ($11.3 billion), the sources said. The unit serves 10 million customers in six countries. It has planned to spend €7.8 billion ($8.8 billion) until 2025. The expenditure is expected to help Plenitude boost core earnings to €1.3 billion ($2.03 billion) from 0.6 billion ($0.68 billion) this year. Plenitude also plans to expand its renewable capacity, mainly solar, to more than 6 GW by 2025 from 1.2 GW this year.
