Eni may sell stake in new retail-renewables business to fund energy transition: Reuters

8 Mar 2021

Italian oil major Eni may sell a stake in a newly created business for its retail and renewable energy operations in order to fund the company's transition to clean energy, Reuters reported Monday, citing an anonymous industry source.

The business could be worth up to €10 billion and would include renewable power and energy sales, the media outlet said.

Eni said last month that it plans to merge its renewable and retail businesses as part of a strategy to completely decarbonise its products and operations.

The new business unit should be running by June this year and then the "most likely" option is that the unit will be turned into a new entity and a 20-30% stake sold some time next year, the source is quoted as saying.

The move will lead to growth of renewable installed capacity to 15GW by 2030 and an expanded customer base of 15 million customers, said Eni in a strategy presentation last month.