By Andrea Figueras

Eni said investment services provider Energy Infrastructure Partners will invest in its low-carbon unit Plenitude and become a minority shareholder.

Energy Infrastructure Partners will acquire up to 9% equity stake in Plenitude through a capital increase, for an investment of up to 700 million euros ($766 million) by early 2024, Eni said.

The transaction implies an equity value for Plenitude post money of up to around EUR8 billion and will reinforce the subsidiary's balance sheet, reducing corporate debt and supporting the company's strategic plan, it said.

This agreement will support the company's growth in the production of energy from renewable sources, in the market for the sale of energy and energy efficiency solutions for retail and business customers, and in the deployment of charging infrastructure for electric mobility in Italy and Europe, Plenitude said.

The deal is also set to improve Eni's capital structure, reducing its consolidated net financial leverage and optimizing its capital base, said Eni's Chief Executive Claudio Descalzi.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

December 21, 2023 03:23 ET (08:23 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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