Eni's Plenitude to buy wind and solar developer PLT (updated)

Rothschild & Co SCA

02/12/2022 09:53

(Adds details, background)
       MILAN, Dec 2 (Reuters) - Plenitude, the renewable energy
unit of Italy's Eni  ENI.MI , has agreed to buy 100% of wind and
solar developer PLT, it said on Friday, strengthening its
presence in Italy and Spain.
    PLT has a 1.6 gigawatt (GW) renewable capacity portfolio in
Italy and Spain and 90,000 retail customers, Plenitude said in a
statement, without providing financial details of the deal.
    Italian media reported earlier this year that PLT's
renewable portfolio could have a value of over 1 billion euros 
($1.05 billion).
    PLT has 400 megawatt (MW) of assets in Italy and 1.2 GW of
projects under development in its home country and Spain, 60% of
which are at advanced maturity stage. 
    "This acquisition will allow us to exceed 2 GW of net
installed capacity and, in line with the targets announced to
the market, we expect to reach more than 6 GW in 2025,"
Plenitude CEO Stefano Goberti said in a statement. 
        Citi acted as financial adviser for Eni's subsidiary,
Rothschild & Co advised PLT on the transaction.  
    Plenitude integrates the production of energy from 100%
renewable sources, the sale of energy services and a network of
charging points for electric vehicles.
    Earlier this year Plenitude postponed plans to list on the
Milan stock exchange due to heightened volatility in financial
markets.
($1 = 0.9490 euros)
 (Reporting by Gianluca Semeraro; editing by Francesca Landini
and Susan Fenton)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))