Eni’s renewable energy unit Plenitude has signed an agreement to fully acquire Italy-based integrated renewable energy company PLT for an undisclosed sum.
Under the terms of the agreement, the company will acquire PLT Energia, SEF and their respective subsidiaries, subject to certain authorisations.
PLT Energia and SEF engaged in producing renewable energy plants from wind, photovoltaic and biomass sources, and marketing to retain customers.
Through the acquisition, Plenitude would strengthen its presence in Italy and Spain, with over 400MW of assets in Italy, 80% of which are already operational and 20% under construction.
The deal will add another 1.2GW of projects under development in Italy and Spain, with 60% of them in the advanced maturity stage and expected to start operations in the next five years.
Plenitude CEO Stefano Goberti said: “This agreement marks a significant step forward in achieving our goals. We are acquiring platform with a highly valuable projects and expertise, which fits into Plenitude’s business model and will enable us to strengthen the company’s growth in Italy and abroad.
“This acquisition will allow us to exceed 2GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6GW in 2025.
“Such growth supported by a pipeline of 13GW of solar and wind projects and by strategic and synergic agreements such as the one we are announcing today.”
Plenitude is a company of Eni that produces energy from 100% renewable sources and offers energy sale services and a network of charging points for electric vehicles.
The company supplies energy to nearly 10 million retail customers in Europe and aims to reach more than 11 million customers by 2025.
The acquisition will help the renewable energy company expand its pipeline of renewable energy projects to a total of about 13GW.
In addition, the deal will add 90,000 retail customers in Italy, along with a team of 150 employees, experienced in the wind and photovoltaic technologies, said Plenitude.
PLT chairman Pierluigi Tortora said: “It is a source of pride and personal satisfaction and serenity to have signed the sale operation of PLT and SEF groups with Eni/Plenitude, an Italian industrial operator, which ranks among the first on the international scene with an ambitious growth plan in the renewable energy sector.
“The validity of the assets, the pipeline, and the organisational model of PLT Energia were highly appreciated. Additionally, thanks to the skills and professionalism of our human resources, we have been able to achieve significant goals on the national scene over the years.”
Rothschild & Co served as an exclusive financial advisor, BonelliErede and Orsingher Ortu – Avvocati Associati law firms the role of legal advisors to PLT and SEF.
In addition, EY served as accounting and tax advisor and Fichtner as technical advisor to PLT and SEF, on the transaction.
