Financial advisor to Eni in the additional capital increase in Plenitude by Energy Infrastructure Partners

Mediobanca acted as Financial advisor to Eni in the additional capital increase in Plenitude by Energy Infrastructure Partners

  • On November 11th, 2024, Eni, Plenitude and Energy Infrastructure Partners (EIP) signed the agreement to further increase EIP’s share in Plenitude through a capital increase of €209m. This amount corresponds to 2.4% of Plenitude and brings the total EIP’s stake post-transaction to 10% of the share capital of the company, for a total investment of around €800m, including the €588m paid in last March.
  • On December 21st, 2023, Eni, Plenitude and Energy Infrastructure Partner (EIP) signed an agreement for EIP to enter Plenitude's share capital through a capital increase up to €0.7bn, which, post-transaction, will be approximately up to 9% of the Company’s share capital. In particular, the parties agreed that the initial capital increase amount is €0.5bn, with the option for EIP to go up to €0.7bn by early 2024. The transaction implies an Equity Value of Plenitude post money of up to around €8bn and an Enterprise Value of over €10bn.
  • Plenitude, Eni’s energy transition arm, is a leading green utility company that operates in the market with a highly distinctive business model that integrates power generation from renewables, the sale of energy and energy solutions, and an extensive network of electric vehicle charging points. The Company currently supplies energy to approximately 10 million European customers in the retail market, targeting more than 11 million customers by 2026; it has reached 2.5GW of installed renewable capacity and expects to deliver >7GW by 2026 (15GW by 2030) and operates 18k public electric vehicle charging points, targeting >30k by 2026.
  • Mediobanca acted as financial advisor to Eni, providing support in all the phases of the transaction, including among others partner selection, structuring of the deal, valuation of the target and negotiations with the counterparts.
  • The transaction confirms once again Mediobanca long-term relationship with Eni as well as its strong expertise and unique experience in the Energy transition space in Europe.