Eni Sells Stake in Plenitude to EIP, Valuing Unit at €8 Billion

Italian oil major Eni SpA agreed to sell about 9% of its Plenitude renewables unit to Energy Infrastructure Partners AG for €700 million ($766 million) via a capital increase to be completed in early 2024.

The deal sets an equity value for Plenitude at around €8 billion, according to an Eni statement on Thursday. Bloomberg News reported last month that the energy company was nearing a deal with EIP.

Rome-based Eni entered into talks with EIP, a Zurich-based fund, on a potential deal earlier this year, as it sought a partner for the unit in the run-up to a future ...