Wedoany.com Report-Oct 24, The deal envisages the US investment firm taking 25% of Enilive for €2.94 billion ($3.17 billion), giving the division a valuation of €11.75 billion, according to a statement on Thursday. Eni said it will also inject €500 million in the unit — which comprises biorefining and biomethane assets as well as mobility solutions — to make it debt-free.

Eni’s new strategy started with the disposal of a minority stake in green division Plenitude to Energy Infrastructure Partners AG in 2023. The company’s so-called satellite model includes spinning off divisions and partnering with external investors, with a view to eventually listing them.

Shares of the company rose as much as 1.5% in Milan trading.

Eni, which reports results for the third quarter on Friday, is also in talks with investors including Snam SpA for a stake in a new carbon capture and storage division. It’s also planning to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift away from fossil fuel-based products toward increasing use of decarbonized options.