Eni Sells 25% Stake in Biofuel Unit to KKR for €2.94 Billion to Fund Energy Transition.

Italian energy major Eni has agreed to sell a 25% stake in its biofuel unit, Enilive, to US private equity firm KKR for €2.94 billion. This deal values Enilive at approximately €12 billion and is part of Eni's broader strategy to diversify from oil and gas to renewable energy. The investment includes €500 million to inject capital into the business and eliminate its debt.

Enilive, previously known as Eni Sustainable Mobility, operates charging stations for electric vehicles, biomethane and hydrogen refueling options across several European countries, as well as biorefineries in Italy and the US. This move follows Eni's previous sale of an 8% stake in its renewable power and retail business, Plenitude, to Energy Infrastructure Partners for €588 million.

Eni CEO Claudio Descalzi emphasized that this deal is a significant step in the company's energy transition strategy. The company is also planning to sell a minority stake in a new carbon capture and storage division and has announced decarbonization plans for its domestic chemicals business, Versalis.

Report by Financial Times