Private equity and infrastructure investors are circling Eni’s Plenitude business, as the Italian energy major progresses with the sale of a second minority stake in its energy transition platform.

According to Francesco Gattei, Eni’s Chief Transition and Financial Officer, the company is currently evaluating five non-binding offers for a stake in Plenitude, with expectations that the transaction could command a valuation north of €11bn, including debt.

The new offers follow a previous deal with Swiss private equity and infrastructure investor Energy Infrastructure Partners (EIP), which valued Plenitude at €10bn. Eni is now preparing to shortlist bidders and enter binding negotiations, including discussions on governance structures and contractual terms.

“We have received non-binding offers for another Plenitude stake… There are five bidders,” Gattei said during an industry event in Ravenna. He also noted that recent market volatility—such as geopolitical uncertainty and U.S. tariffs—has not dampened investor appetite for low-carbon infrastructure platforms.

Eni’s strategy to partially monetise its energy transition assets through its so-called “satellite strategy” continues to gain momentum. While recent media reports have suggested valuations as high as €13bn, Gattei confirmed only that Eni expects a premium to the previous deal with EIP.

The growing interest from private equity firms underscores the continued appetite for infrastructure-aligned, energy transition assets with stable cash flow potential. Plenitude, which integrates renewables, electric mobility, and retail energy sales, sits at the intersection of climate-focused investment themes increasingly sought after by global sponsors.