Eni: Plenitude’s net debt will be close to zero on January 1, 2022



By Giulia Petroni

Eni SpA unveiled on Monday the financial and sustainability targets of its new rebranded entity comprising retail, renewable energy and electric mobility activities ahead of its scheduled IPO next year.

Italy’s oil and gas major said on its capital markets day that the entity, which will be called “Plenitude”, plans to have an annual investment program of around $ 1.8 billion. euros ($ 2.03 billion) over the period 2022-25, financed by its treasury and its own borrowings.

The company is targeting earnings before interest, taxes, depreciation and amortization of 1.3 billion euros for 2025, compared to 600 million euros for the current year.

Cash flow from operations is expected to reach around € 1 billion by 2025, while net debt will be around zero on January 1, 2022, according to Eni. The cash flow will mainly be used to accelerate growth investments, but will also allow distribution to shareholders.

“The new entity is part of Eni’s long-term strategy and commitment to be a low-carbon energy company with sustainability at its heart,” said the Italian company. “The decision also aligns with a favorable industrial context, with growing demand for renewable energy and green energy products for retail customers.”

Plenitude plans to reach net zero by 2040, with all electricity sales fully carbon-free by 2030 and renewable energy production is expected to cover customer demand by 2040, according to Eni. It also aims to provide fully carbon-free gas by 2040.

The entity, which will have around 2,000 employees operating across the entire electricity value chain, will be headed by Stefano Goberti.

Write to Giulia Petroni at [email protected]

Source link


Comments are closed.