Switzerland-based asset manager Energy Infrastructure Partners (EIP) has signed an agreement to acquire a minority stake in Eni’s energy transition company Plenitude.

As agreed, EIP will invest €500m in Plenitude’s capital structure, with the option to scale the total investment up to €700m.

The move will provide the asset manager with up to 9% equity stake in Plenitude.

EIP founder and managing partner Roland Dörig said: “Eni is one of the few companies with the size, track record and expertise to make a mega-scale contribution to the global energy transition.

“We are excited to work with Eni as a partner to continue building on Plenitude’s impressive growth story and support Eni’s drive to create value for shareholders while contributing to the global energy transition.”

Eni launched Plenitude in 2021 as part of its decarbonisation strategy.

Currently, the company operates nearly 3GW of installed carbon-free generation capacity and nearly 20,000 charging points for electric vehicles.

It is active in 15 countries worldwide and has around 10 million retail customers in Europe.

Plenitude aims to more than double its installed renewable generation capacity to 7GW and increase charging points to 30,000 by 2026.

In a statement, Plenitude said that the EIP investment will open new financial capabilities and market opportunities for the company.

Plenitude CEO Stefano Goberti said: “EIP’s entry into Plenitude is in line with our strategy to create value for all our stakeholders and gives the company a valuation benchmark.

“This agreement comes in an already important year for Plenitude, during which we raised our 2023 EBITDA target by 30% to around €0.9bn, targeting to triple over the 2022-2026 period.”

In February 2023, Plenitude commenced production at the 263MW Golden Buckle solar project in Texas, the US.