Italian oil major Eni has started the process that will lead to an initial public offering for its own renewables and electricity company on the Euronext bourse in Milan.

Eni filed registration documents with the Italian market authority earlier this year.

“Plenitude is a unique proposition, and we believe that the integration of our businesses will deliver valuable benefits and synergies, offering a clear solution to today’s energy needs. We have set clear and ambitious growth targets to expand our portfolio and we are focused on delivering them,” Plenitude chief executive Stefano Goberti said.

“We intend to do so while maintaining a solid financial position and an investment-grade profile.”

Plenitude has already installed at least 1.4 gigawatts of renewable power generation capacity, with a pipeline of more than 10 GW in new projects. The company will use cash flow generated from its retail business area to push toward its sustainability targets.

“Plenitude is an integrated energy business working towards the goal of helping customers cut their emissions and creating value for all stakeholders. Through the development of our pipeline of renewables and expansion of our e-mobility businesses, we are making sustainable energy solutions more accessible, offering decarbonized energy and products to over 10 million retail customers,” Goberti said.

Eni will retain a majority stake in Plenitude following the IPO.

In February, Eni listed its Norwegian upstream business, Vaar Energi, on the Oslo Stock Exchange, and recently announced secondary placement of 5% of existing share capital in Vaar Energi in conjunction with HitecVisionat, raising about $530 million.

“This operation confirms the success of Vaar Energi’s listing and the effectiveness of our strategy in setting up satellite companies with the ability to access the markets independently, generating value,” Eni chief financial officer Francesco Gattei said.

“The excellent trend in the share performance of Vaar Energi, which recorded an increase of over 60% three months after the listing, has unlocked the opportunity to place on the market additional shares thus increasing the liquidity on the stock and further consolidating and expanding the shareholder base of institutional investors.”

Eni now owns about 63.1% of shares in Vaar Energi.

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