Zurich-based energy transition-focused investor Energy Infrastructure Partners (EIP) announced today an agreement with Italian energy company Eni to increase its investment in Eni’s renewables, retail and EV charging company Plenitude, with an additional capital injection of €209 million (USD$222 million).

Following the new investment, EIP will hold a 10% stake in Plenitude, following its initial €588 million investment in the company in March 2024, bringing the total invested amount to nearly €800 million.

According to EIP, the new investment will support Plenitude’s continued growth, and “reflects Plenitude’s impressive performance and ability to exceed its strategic goals.”

Tim Marahrens, EIP partner, said:

“Over the course of our first year of partnership with Eni we have been thrilled with Plenitude’s impressive growth trajectory and strong performance. Our decision to increase the size of our investment reconfirms our strong belief in the value of the business, the excellence of Plenitude’s entire organization and leadership team, and the company’s ability to deliver in line with its strategy and business plan.”

Eni established Plenitude in 2021, through the combination of its renewables, retail and e-mobility businesses. The company currently has over 3 GW of installed renewables capacity, with a target reach over 8 GW by 2027, sells electricity and gas to 10 million customers across 6 countries, and operates an EV charging network consisting of 21,000 charging points across 13 countries, with a goal to reach 40,000 by 2027.

According to Eni, the transaction forms part of its “satellite model,” aimed at attracting capital from partners to fund growth and highlight the value creation of its new businesses, while preserving free cash flow from traditional businesses for shareholder distribution. The investment follows the acquisition by KKR last month of a 25% stake in Eni’s mobility transformation and biofuels-focused business Enilive for €2.94 billion (USD$3.2 billion).

Francesco Gattei, Chief Transition & Financial Officer of Eni said:

“This agreement highlights the innovative nature of Plenitude’s business model and its significant growth opportunities. The company is a pillar of our energy transition strategy aimed at reducing emissions related to the use of our products. We have embarked on a virtuous path of creating low and zero-carbon businesses that attract leading investors, grow organically, and become self-sustaining. We believe this is the approach to address the energy transition.”