Finding the right balance between investments and returns through a unique organizational and financial strategy.
Eni has signed an agreement with Ares Management’s Alternative Credit funds for their 20% stake in the Plenitude’s share capital.
Our satellite model is based on creating separate entities that can independently access capital markets to finance their own growth and be suitable for specialised investors. In this way, we can accelerate the development of new high-potential businesses linked to the energy transition, while maintaining the solidity that characterises us in traditional activities, which are also part of a common decarbonization process. At the same time, each satellite company remains an integral part of Eni, from which it can continue to benefit in terms of technology, know-how and services.
By being open to new investments, the satellite model allows us to reduce the capital absorption required to support new businesses, while safeguarding shareholder remuneration, which continues to be fed by the Free Cash Flow generated by traditional activities.
The sale of a stake in Plenitude is part of the development of our satellite model, which continues to demonstrate strong appeal. This approach is also being pursued by Enilive and is planned for our activities in biochemicals, with Novamont, as well as in CCUS, where we are launching a new satellite company dedicated to this business. At the same time a satellite structure can also be applied in some upstream geographies, to access operational and financial synergies, maximise growth potential, and free up more capital for the rest of the portfolio. Var Energi and Azule are very successful examples of business combinations that have allowed us to fuel upstream growth under a dedicated and focussed management structure in Norway and Angola, similar to what is planned in Malaysia and Indonesia. By combining two complementary upstream asset portfolios, the Ithaca transaction consolidates Eni's position in the UK, where we can see opportunities for growth and optimisation.
Satellites are the way we solve the energy transition equation, by managing new and traditional businesses and growing in both while ensuring continuity and security of sources, the availability of financing while pursuing all our business objectives.
Francesco Gattei
Chief Transition & Financial Officer, Chief Operating Officer and General Manager of Eni
A Benefit Corporation integrating electricity production from renewables and energy solutions for private and business customers.
Eni's multi-service company dedicated to the development of a new idea of mobility, offering individuals and businesses more sustainable solutions.
We develop new technologies to obtain the full circularity of our processes and products throughout their entire life cycle.
Our projects for the capture, storage and utilisation of CO2 (CCUS), a set of technologies that are indispensable for lowering emissions.
Eni's energy subsidiary is a leader in hydrocarbon exploration and production in Norway.
Eni's investee company focused on upstream activities in Angola, committed to energy sustainability and renewables.
The business combination strengthens Eni's competitive presence upstream in the UK Continental Shelf (UKCS).
The agreement sets the basis for the creation of a new, jointly participated company, that will oversee assets in Indonesia and Malaysia through business combination.
On 27 February, Eni presented the Capital Markets Update 2025.
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