Eni has postponed an initial public offering (IPO) on Euronext Milan at the Italian stock exchange Borsa Italiana for it subsidiarie Plenitude becuase of the deterioration of market conditions. Earlier in June 2022, Eni unveiled plans to launch an IPO for the company.
Plenitude is a wholly-owned affiliate of Eni combining the generation of electricity from renewables, the sale of electricity, gas and energy services to households and businesses, and a European network of charging points for electric vehicles. It has an installed renewable generation capacity of 1.4 GW, a pipeline of renewable projects of over 10 GW and a retail portfolio of 10 million of clients (as of March 2022). The company operates in Italy (8 million clients), France (1.3 million ), Greece (500,000 clients), Spain and Portugal (300,000 clients) and Slovenia (13,000 clients).
Plenitude plans to invest €5.9bn over the 2022-2025 period to raise its installed renewable capacity to over 6 GW by 2025 and 15 GW by 2030 with a diversified portfolio in terms of renewable technologies (solar, onshore and offshore wind) and geographical scope. Specifically, the company will participate with partners in tenders for offshore wind capacity, including in Norway, Scotland (United Kingdom), France and other countries. In the retail market, Plenitude targets a market base of 11.5 million customers by 2025 (with 60% outside of Italy) and more than 15 m by 2030.