- FINANCE, STRATEGY AND REPORTING
- ● PRICE SENSITIVE
Rome, 7 October 2021 – The Board of Eni, chaired by Lucia Calvosa, has approved the launch of a process for an Initial Public Offering and listing of shares in Eni’s newly merged Gas&Power retail and renewables business (in this press release named conventionally as “ENI R&R”).
Eni has concluded that an IPO is the preferred route to crystallize the value of the business and plans to complete the transaction during 2022, subject to market conditions. Eni will retain a majority stake in the listed company.
Eni announced the start of a strategic project to define Eni R&R’s industrial and financial plan in April 2021. This aimed to identify the option that maximised the value of this unique business as part of the Company’s wider commitment to delivering value through the energy transition and reaching net zero emissions.
The transaction will help Eni grow its Retail and Renewables business and provide investors with greater visibility of the value of the unit. Eni R&R will be financially independent with its own balance sheet and an investment grade credit rating – allowing it to access debt at competitive costs and fund growth.
Since announcing the launch of the strategic project, Eni has merged its Retail and Renewables operations, expanded and de-risked the renewables pipeline through acquisitions, and established Eni R&R as the second largest Italian operator of EV charging points. 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 . Eni R&R EBITDA is expected to grow from around €0.6 bn in 2021 to €1.2 bn in 2025.
Eni R&R is uniquely positioned due to its integrated business model, size, diversification and growth profile. Combining renewables production with a retail business creates cost synergies, stabilizes cash flow given the hedge between generation and retail sales, and creates opportunities to provide renewable power and services to customers – boosting returns on capital.
Further updates on the business - including the new company name - will be made on the capital markets day on 22 November.
Claudio Descalzi, CEO of Eni, said: “We have committed to being a leader in producing and selling completely decarbonized products and an IPO of Eni’s Retail & Renewables business is an important step towards this goal. 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”.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
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