Patience Pays Off: Eni’s Plenitude IPO Delay Results in €700mn Investment from EIP at 25% Higher Valuation – GWC Mag

🤝 Eni’s Plenitude secures a €700mn commitment from Energy Infrastructure Partners (EIP), representing ~9% of the company’s share capital.

💲 Initial capital: €500mn, with an option for EIP to increase to €700mn by early 2024.

💼 Transaction implies an equity value of ~€8bn and an enterprise value exceeding €10bn.

📈 Plenitude’s valuation is 25% higher than Eni’s 2022 IPO target, thanks to strategic patience.

🔢 The deal reflects an 11X multiple on 2023 earnings, in line with industry leaders like EDP Renewables and Orsted.

🌍 Plenitude’s integrated model spans renewables, retail, energy solutions, and EV charging.

🔌 Currently serving ~10 million European customers, to exceed 11 million by 2026.

☀️ Ambitious renewable capacity targets: Over 7 GW by 2026 and 15 GW by 2030, up from 3 GW+ in 2022.

🚗 Expanding EV charging network: Over 30,000 charging points planned by 2026.