Eni sold 49% of EniPower, a company dedicated to the production of electricity and steam, to the investment company Sixth Street. The Italian group announces it in a note, specifying that it will maintain control of Enipower in operational terms and will continue to consolidate it in its financial statements. The agreement is subject to certain conditions precedent, including the go-ahead from the authorities.
Eni's comment
"The transaction falls within Eni's strategy aimed at enhancing our assets and freeing up new resources for the energy transition - commented Francesco Gattei, Eni's chief financial officer - We are also satisfied to have entered into a long-term partnership term with an institutional investor of international importance specialized in infrastructure investments".
What Enipower does and what Sixth Street is
Enipower manages six gas-fired plants with a total power of around 5 GW and is the second largest producer of electricity in Italy.
Sixth Street is a multinational company active worldwide and enters into large-scale capital partnership agreements with institutions that manage infrastructure, energy transmission and renewable assets.
Sixth Street commentary
“The global energy transition requires creative and long-term solutions, and we are pleased to collaborate with Eni in the efficient application of its energy transition strategy – comments Richard Sberlati, partner of Sixth Street – This transaction is an example of the partnership approach that we adopt to create institutional solutions for multinational companies in Europe and North America, leveraging our platform's robust capabilities to invest in power generation, transmission and renewable transitions.
Eni's stock on the Stock Exchange
Early afternoon Eni's stock on the Stock Exchange it dropped 1,3%, to 12,864 euros. This is one of the worst performances on the Ftse Mib, which in the same minutes travels in largely positive territory, recovering over two percentage points.
