Plenitude Strengthens its Presence in Italy & Spain by Signing Agreement to Acquire 100% of PLT

Source: www.gulfoilandgas.com 12/2/2022, Location: Europe

- PLT has a 1.6 GW renewable capacity portfolio in Italy and Spain and 90,000 retail customers

Plenitude has signed an agreement to acquire 100% of PLT (PLT Energia S.r.l and SEF S.r.l. and their respective subsidiaries and affiliates), an integrated Italian group producing electricity from renewables and supplying energy to retail customers.

Through this synergistic operation with its portfolio of renewable assets and retail customers, Plenitude is strengthening its presence in Italy and Spain consolidating a vertically integrated platform which includes:

- over 400 MW (>80% wind power) of assets in Italy, 80% already operational and 20% under construction with start-up expected by 2024;
- 1.2 GW of projects under development (>80% wind power) in Italy and Spain, 60% of which in advanced maturity stage. Thanks to them, Plenitude's pipeline of renewable energy projects will expand reaching a total of about 13 GW;
- 90,000 retail customers in Italy;
- a team of 150 people with many years of experience in wind and photovoltaic technologies, with skills ranging from development, construction and maintenance of renewable energy plants to sales to retail customers.

Stefano Goberti, CEO of Plenitude, 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 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. Such growth supported by a pipeline of 13 GW of solar and wind projects and by strategic and synergic agreements such as the one we are announcing today”.

The operation will need customary approvals to become effective.

Plenitude is Eni’s Benefit Corporation that integrates the production of energy from 100% renewable sources, the sale of energy services and an extensive network of charging points for electric vehicles. The company currently supplies energy to about 10 million European customers in the retail market and aims to reach more than 11 million customers by 2025 and to install more than 30,000 charging points for electric mobility. The company also plans to exceed 15 GW of installed capacity by 2030 and achieve carbon neutrality by 2040.


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