(Tiper Stock Exchange) – plenitudethe company of Eni which integrates renewables, customer energy solutions and a widespread electric vehicle (EV) charging network, is on track to achieve a Adjusted EBITDA of over 700 million euros this year compared to 670 million euros in 2022. “In a challenging environment, Plenitude achieved all its financial and operational goals ahead of schedule last year,” CEO Stefano Goberti said in an interview with Bloomberg. The performance underscores what he considers a “flexible” business model which “mixes renewables-generated and commodity-linked energy,” he added.
The company, highlighted the CEO, is also almost halfway compared to thetarget of 7 gigawatts of renewable installed capacity by 2026, as it expects to reach around 3 gigawatts by the end of this year.
Eni has frozen it landing on the stock exchange of Plenitude last year due to unfavorable market conditions. While an IPO is still possible this year, it is more likely to happen in 2024Eni CEO Claudio Descalzi said earlier this month.
Waiting for favorable market conditions, the group is in talks with several investorsincluding Switzerland’s Energy Infrastructure Partners (EIP), over a potential sale of a minority stake in the division, according to reports that emerged last month.
“A sale would cause a delay in the timing of the IPO, but would provide investors with a reference rating for a business model that currently has no fully comparable publicly traded rivals,” he wrote Jefferies in a report, calculating a range between 8 and 12 billion euros as the value of the company. According to analysts, the spin-off of Plenitude could be followed by Eni Sustainable Mobilitythe company that encompasses the activities in the biofuels sector.