Rome, October 11 - Neftegaz.RU. Eni has given the green light for the preparations of an IPO of a minority stake in its recently created gas & power supply and renewables division, provisionally called Eni R&R.
The name of the retail and renewables business’ will be announced on 22 November.
Last April 2021, Eni announced the start of a strategic project to define ENI R&R’s industrial and financial plan.
Eni R&R will be financially independent with its own balance sheet and an investment-grade credit rating. Eni R&R EBITDA is expected to grow from around €0.6 billion in 2021 to €1.2 billion in 2025.
Claudio Descalzi, CEO of Eni, said:
- Retail & Renewables is an exceptional business, which combines a growing pipeline of renewable capacity with an attractive and increasing customer base, and is uniquely positioned to meet the opportunities presented by the energy transition
- An IPO will unlock significant value, positioning the business for growth and helping both Eni and its customers reach net zero emissions
Eni may raise over EUR 2 billion in the IPO, Italian daily MF reported earlier this week.
The company is on target to develop more than 6GW of renewables capacity by 2025 and more than 15 GW by 2030, with its retail customer base growing from 10 million customers today to over 15 million over the same period, with EV charging points expected to increase from 5,000 to more than 30,000 by 2030.
