Electricity supplier Plenitude has acquired renewables group PLT for an undisclosed fee. The buy-side was advised on the deal by sustainability consultancy ERM.
Founded by Eni, an energy company based in Rome, Plenitude is an Italian company active in the sale and marketing of gas and electricity for households and businesses, the production of renewable energy and the management of charging points for electric vehicles. Plenitude is active throughout Italy – with a network of nearly 150 franchised stores – while also operating in France, Greece and Slovenia through subsidiaries with a total of 10 million customers served and over 2,000 employees.
At the same time, it has a number of projects for the generation of renewable energy in Italy, France, Spain, Norway, the US, Kazakhstan, Australia and the UK. As Plenitude looks to further develop this portfolio, it has completed the acquisition of PLT. The deal for the renewables group will provide Plenitude with 1.2 GW of projects under development in Italy and Spain, 60% of which are at an advanced stage. As a result, Plenitude’s pipeline of renewable energy projects is expanding to approximately 13 GW.
Plenitude CEO Stefano Goberti commented, “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 2GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6GW in 2025.”
Sustainability consultancy ERM advised Plenitude on its agreement to acquire PLT. ERM’s team supported Plenitude with the environmental, health and safety due diligence in particular, with regards to PLT’s wind and solar portfolios.
Paola Bertolini, Partner at ERM, explained, “ERM was delighted to advise Plenitude on this transaction, which marks a major milestone in its journey to become one of the largest renewable energy operators in Italy. We look forward to working together to support the energy transition in Italy and worldwide.”
As one of the world’s largest pure play sustainability consultancies, ERM partners with the world’s leading organisations, creating innovative solutions to sustainability challenges and unlocking commercial opportunities. Its team of more than 7,500 experts fill in over 170 offices across 39 countries.
