Eni: towards IPO of Eni Retail & Renewables
(CercleFinance.com) - Eni has announced that its Board of Directors has approved the launch of an IPO and listing process for Eni R&R (Retail & Renewables) shares, its new retail and renewable energy business.
According to Eni, the IPO constitutes the best way to crystallise the value of the company, an operation which could be completed in 2022, subject to market conditions. Eni specifies that it will retain a majority stake in the company.
Eni R&R will be financially independent, with its own balance sheet and a credit rating enabling it to access debt at competitive costs and finance growth, Eni says.
After the merger of the retail and renewable energy activities, Eni R&R became the 2nd Italian operator of charging points for electric vehicles.
The company aims to develop over 6 GW of renewable energy capacity by 2025 and more than 15 GW by 2030. Eni R&R also aims to double its EBITDA between 2021 and 2025, from 600 million euros to 1.2 billion euros.
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