Eni is drawing renewed interest from private equity and infrastructure investors as it moves ahead with a second stake sale in Plenitude, its renewable energy and retail arm, which could now command a valuation north of €11bn ($12bn) including debt, according to a report by Reuters.
The report cites Francesco Gattei, Eni’s Chief Transition and Financial Officer, confirming that the Italian energy major, which is actively pursuing a “satellite strategy” to unlock value from its low-carbon subsidiaries, is currently evaluating five non-binding offers for a minority interest in Plenitude.
This follows an initial investment in the business by Energy Infrastructure Partners (EIP), the Swiss private equity and credit manager focused on global energy transition assets, which valued Plenitude at €10bn.
“We have received non-binding offers for another Plenitude stake… There are five bidders,” Gattei said on the sidelines of an energy conference in Ravenna, adding that volatility linked to US tariffs has not dampened investor appetite for the asset.
The company will soon enter the next phase of the process, shortlisting preferred bidders and entering binding negotiations, including discussions around governance and contractual frameworks.
While Eni has not confirmed recent media speculation suggesting valuations as high as €13bn, Gattei said the company expects a valuation premium compared to the earlier EIP deal — underlining the strength of investor demand for infrastructure-aligned, energy transition platforms.
