Italy’s Eni to Develop Separate Energy Transition Units

Emmanuel Addeh in Abuja

Italy’s Eni has said it would embrace transition by creating separate units specialising in carbon capture and bio chemicals, adding to already existing renewable energy and biofuel subsidiaries.

The four units would eventually attract investors or be listed on the stock exchange under the group’s so-called satellite model, Reuters reported.

“This is our strategy to energy transition, creating units that can generate value and attract investors… instead of relying on subsidies,” said Eni Chief Executive Claudio Descalzi talking with journalists at the end of a presentation to analysts.

Earlier this year Eni signed a deal with Energy Infrastructure Partners under which the Swiss investment fund bought a minority stake in the group’s low-carbon unit Plenitude, valuing the subsidiary around 10 billion euros including debt.