Eni: KKR to purchase 25% stake in Enilive
October 28, 2024
BY Erin Voegele
Italian energy company Eni and U.S.-based KKR on Oct. 24 announced an agreement under which KKR will purchase a 25% stake in Eni’s Enilive business, which encompasses the company’s biorefining, biomethane, and smart mobility solutions businesses.
Eni said the transaction will combine its ability to develop high-growth energy businesses with KKR’s expertise as a long-term investor with a strong track record in the energy and infrastructure sectors, further contributing to the growth of Enilive.
KKR said it is making the investment in Enilive through its Global Infrastructure Strategy, which was established in 2008 and currently manages more than $73 billion in infrastructure assets.
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Enilive’s assets include biorefineries located in Venice and Gela, Italy; the St. Bernard Renewables LLC facility in Louisiana, which is a 50% joint venture with PBF Energy; and numerous biogas plants being converted to biomethane production in Italy. Enilive is also developing a third biorefinery in Italy. That facility, located in Livorno, is currently under construction. Additional biorefinery projects are also under development in Malaysia and in South Korea. Enilive said plans to increase its biorefining capacity to over 5 million metric tons/year by 2030.
Under the agreement, KKR will purchase the 25% stake in Enilive for a total agreed consideration of €2.938 billion. Closing of the transaction is subject to customary regulatory approvals.
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