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Renewable Energy M&A: Eni’s Plenitude to acquire Italian renewables developer PLT Energia and its 1.6 GW portfolio

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PLT holds 400 MW of assets in Italy and a 1.2 GW pipeline spanning Italy and Spain, 60% of which are in the advanced stages of development. While financial details on the deal were not provided, media reports estimate PLT’s portfolio to be valued at more than $1bn. Citi served as Eni Plenitude’s financial adviser, while Rothschild & Co supported PLT on the transaction.

According to a statement from Plenitude CEP Stefano Goberti, the acquisition will enable the company to reach 2 GW of net installed capacity and, it will help it achieve its target of more than 6 GW by 2025.

The deal marks Eni’s largest renewables deal so far this year, as per Enerdatics’ research. While other European oil majors BP, TotalEnergies, and Equinor announced large deals in North America, South America, and Australia in 2022, Eni appears to follow a strategy of consolidating mid-size development pipelines in select markets in Europe. The recent Eni-PLT deal follows a string of similar acquisitions by Eni in the region, where in 2022 it took over a 65% stake in private equity-backed Hergo Renewables and its 1.5 GW portfolio in Italy and Spain. In Jan ’22, the company also acquired Solar Konzept Greece, an 800 MW solar development platform owned by Aquila Capital. In North America, the company acquired a ~500 MW portfolio of solar and storage assets in Texas, from BayWa re for $233mn in Feb ’22.

Eni established Plenitude with three short-term targets - to reach 6 GW of installed renewables capacity, have 11 million retail customers, and own 30,000 EV charging points, by 2025. Eni estimates Plenitude’s 2022 EBITDA at €600mn, increasing to €1.4bn by 2025. Supplemented by the growth in its bio-refining capacity, which is expected to stand at 2 million tonnes per annum (mmtpa) by 2025, Eni targets to reach an EBITDA of €2.3bn from its low carbon business by 2025. The company plans to allocate 25% of its total capex to its low-carbon initiatives, over the next 4 years. 

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation. 

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