Eni to list retail, renewables arm
The board of Italian oil and gas major Eni has approved a plan to list its newly merged gas and power retail and renewables business next year in order to support its further growth, the company announced on October 7.
The business is set to develop over 6 GW of renewables by 2025 and 15 GW by 2030, while expanding its retail customer base to more than 15mn over the same period. From €0.6bn in 2021, its earnings are expected to double to €1.2bn ($1.4bn) by 2025.
"We have committed to being a leader in producing and selling completely decarbonised products and an IPO of Eni's retail and renewables business is an important step towards this goal," Eni CEO Claudio Descalzi commented. "Retail and 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."
The initial public offering will "will unlock significant value, positioning the business for growth and helping both Eni and its customers reach net zero emissions," he said.
Eni plans to retain a majority stake in the listed company, but the latter will be financially independent with its own balance sheet and credit rating. Eni said it would reveal more about the listing plan at its capital markets day on November 22.