It's called Plenitude, the new Eni division hitherto known as Eni R&R which brings together retail, renewables and electric mobility. The company will disembark on the stock exchange by 2022 and Eni will retain a majority stake. "The listing is a milestone for the development of our company" and represents "a fundamental step in the strategy of providing customers with green and low-emission energy", said the CEO Claudio Descalzi during the Capital Markets Day.
Leading the new entity in the role of CEO is the manager Stephen Goberti, according to which “the IPO makes it possible to attract new capital flows, reveal incremental value and accelerate the growth of Plenitude, which aims to provide 100% decarbonised energy to all its customers by 2040, supporting Eni's objectives of zeroing CO2 Scope 3 net emissions". In electricity, B2C sales will be completely decarbonised as early as 2022 and, by 2030, all sales will be decarbonised, while in gas, customers will have supply contracts available with Scope 3 emissions zeroed through offsetting, with the aim of supply 100% decarbonised gas by 2040. Renewable generation is expected to cover customer demand in 2040.
RENEWABLE
The new company was already born with a portfolio of plants in operation equal to 1,2 GW at the end of 2021 and aims to reach 6 GW of installed renewable capacity by 2025 and then exceed 15 GW by 2030. an ebitda at break-even in 2021 and equal to 400 million by 2025. Cffo (Cash Flow From Operations) will exceed 300 million at the end of the plan. Finally, in the period 2022-2025 investments in the sector will amount to a total of 5,9 billion euros.
ELECTRIC MOBILITY
Plenitude is also the second largest platform for electric mobility in Italy, with around 6.500 charging points. The network will continue to be expanded with a European growth plan up to 31.000 charging points by 2030. The goal is to implement the majority of the charging network for electric vehicles by 2025 up to 27.000 points of charging. The targets for 2025 foresee 600 million in revenues and an ebitda of around 100 million.
RETAIL
From a commercial point of view, the company expects to reach quota 11,5 millions of customers within the next 4 years and 15 million by 2030. Ebitda is expected to reach 600 million in 2021 and then rise to 800 million in 2025, with a Cffo of 600 million in the same year. The growth of the sector will be supported by a 2025 billion euro investment plan for 1.
FINANCIAL OBJECTIVES
From a financial point of view, Plenitude will have net debt close to zero from 2022 January XNUMX and a annual investment programme from approximately 1,8 billion financed with the cash generated by its business and its debt. Investments will be concentrated for 80% on renewable activities. Based on estimates, the ebitda it will stand at 600 million in 2021 and then rise to 1,3 billion in 2025. Over the course of the plan, the generation of positive cash flows and the issuance of debt will amply cover the planned investment needs. Eni expects “a asset profile Investment grade with medium-term leverage target of 3-4x Ebitda”. The allocation of cash is aimed at also considering the remuneration of shareholders, also with dividends, "while maintaining the necessary flexibility to accelerate investments in growth"; explains Eni in a note.
