This move aligns with Eni’s satellite model strategy to attract investment and drive growth of its new businesses. Credit: Massimo Todaro/Shutterstock.

Eni has entered an exclusivity agreement with investment company KKR for the potential sale of a minority stake in its biofuel unit, Enilive.  

The deal, which could see KKR acquiring between a share of between 20% and 25%, is currently in the due diligence phase.  

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This move aligns with Eni’s satellite model strategy to attract investment and drive growth of its new businesses. 

Eni is seeking a valuation of between €11.5bn and €12.5bn for Enilive.  

While the finalisation of the transaction is contingent upon definitive documentation, both Eni and KKR are actively negotiating the terms.  

Eni also indicated that the interest from financial investors might lead to a further sale of an additional 10% stake in Enilive. 

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Informed sources told Reuters that a preliminary agreement with KKR could be reached by September, with the potential for the entire transaction to be concluded by the end of the year.  

Enilive, which focuses on biorefining and biomethane production, aims to offer increasingly low-carbon services and products as part of the energy transition, supporting Eni’s objective to reach carbon neutrality by 2050. 

In the short term, biofuels derived from vegetable oil, waste cooking oil and grease are anticipated to significantly contribute to reducing carbon emissions in the trucking, aviation and maritime industries. 

The company’s portfolio includes the Venice and Gela biorefineries in Italy, a joint venture in the US and numerous biomethane plants in Italy.  

With the planned transformation of the Livorno refinery and potential new biorefineries in Malaysia and South Korea, Enilive aims to double its capacity to three million tonnes per annum by 2026, and expand further by 2030.