Eni launches the process of the initial public offering of the business that integrates retail gas&power and renewables. The bod of the six-legged dog has the start of the IPO process was approved today and share listing of the business, evaluating the listing on the Stock Exchange as the best solution to enhance the business and aims to complete the operation during 2022, based on market conditions. Eni, specifies a note, will maintain the majority stake in the new listed company. The listing, adds the note, will support Eni in the growth of its retail and renewable businesses, and will provide investors with greater visibility on their value. Eni R&R will be financially independent, and will have its own balance sheet and credit rating which will allow it to access debt at competitive costs to finance growth.
Eni will provide further information on the initiative, including the name of the new company, during the capital markets day, scheduled for November 22nd. The launch of a strategic project aimed at defining the industrial and financial plan of Eni R&R began last April, with the aim of identifying the best option for maximize the value of this business, unique in its model and part of Eni's broader commitment to create value through the energy transition and to achieve net zero emissions. Since the announcement of the strategic project, Eni has integrated retail and renewables, expanded and de-risked its portfolio of renewables through acquisitions, and positioned Eni R&R as the second Italian operator of charging points for electric cars. Eni R&R is in line with the goal of developing over 6 GW of renewable capacity by 2025 and over 15 GW by 2030, with a customer base set to grow from the current 10 million to over 15 million in the same period of time and a infrastructure network of charging points for electric mobility which is expected to grow from 5.000 to over 30.000 by 2030.
Eni R&R's EBITDA is expected to grow from around 0,6 billion euro expected in 2021 to 1,2 billion euros in 2025. Eni R&R has a unique positioning thanks to its integrated business model, and its size, diversification and growth profile. The combination of renewable generation and retail business can create significant cost synergies, stabilize cash flows thanks to the combination of power generation and retail sales, and create opportunities related to the supply of renewable electricity and services to customers , increasing returns on capital.
