Eni Launches Renewable Energy Platform

Eni Plans IPO For Plenitude, Its New Renewables & EV Company

Eni Launches Renewable Energy Platform

Plenitude is Eni’s attempt at structuring its decarbonization efforts as it aims to lower the group’s Scope 3 emissions. Pictured is Eni’s Rome office Piazzale Mattei. (Photo Credit: Eni)

  • Italy’s Eni has launched its new renewable energy arm calling it Plenitude to be led by CEO Stefano Goberti
  • It will focus on renewable energies aiming to supply 100% decarbonized energy to all its customers by 2040
  • Plenitude will also cater to retail customers, electric vehicle charging and energy services
  • Eni plans to launch an IPO to raise funds for IPO while holding majority stake

Italian oil and gas major Eni has introduced to the world its new renewable energy arm called Plenitude through which it aims to supply 100% decarbonized energy to all its customers by 2040. It now plans to launch an initial public offering (IPO) for Plenitude.

Introduced at its Capital Markets event on November 22, 2021, Eni’s Plenitude will combine renewables generation, retail customers, electric vehicle (EV) charging and energy services.

“It is the first step in creating an industrial and financial entity to reduce our Scope 3 emissions, and aligns to our wider commitment to delivering value through energy transition,” said Eni CEO Claudio Descalzi.

Eni has committed to reach net zero by 2040, for which it aims to have 6 GW of renewables capacity by 2025, increasing it to 15 GW by 2030, up from 1.2 GW it aims to report by 2021. Currently, the company has more than 10 GW of identified projects under development out of which more than 5 GW are under operations, under construction or at a mature stage of development.

Comprising mainly solar, onshore and offshore assets, this project pipeline is diversified geographically, but going forward there will be higher exposure to solar power projects.

The Italian parent will continue to hold the majority stake in Plenitude. “The IPO of Plenitude is a cornerstone of our decarbonization strategy and key to our ongoing transformation,” explained Descalzi. “Through the IPO we are seeking to free more resources to deliver higher returns to our shareholders and additional capital for the energy transition.”

Plenitude will be led by Stefano Goberti as the CEO.

Growing investor and customer stress on a positive energy transition is not the only reason that’s forcing fossil fuel companies like Eni to explore renewables, but it is also to do with it making economic sense. Falling prices of renewable technologies as solar and their integration with various other technologies as EVs is a proposition that’s too hard to ignore, especially in the light of global financing avenues fast closing for fossil fuels.

One of Eni’s competitors, bp recently committed to growing its renewable energy generating capacity to 50 GW by 2030 after it invested in solar project developer Lightsource bp from Britain (see BP: 50 GW Renewable Generating Capacity By 2030).

About The Author

Anu Bhambhani

Senior News Editor: Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.Before joining our team, Anu worked in various positions at publications of the Times Group in New Delhi. As a Principal Correspondent, she conceptualized special features and supplements for both The Times of India and The Economic Times. While Anu delved deep into solar at TaiyangNews, environment topics have been close to her heart before. As Assistant Editor, she was responsible for launching Planet Earth for The Economic Times, a special series on environment. Before joining the Times Group, Anu was a Copy Editor at the Hindustan Times.Anu holds a Masters degree in Journalism and Mass Communications from the University of Rajasthan. She also studied at the Centre for Science and Environment in New Delhi on E-Outreach: New Media Technologies for Advocacy and Strategic Communication, Social Media

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