Middle East

Eni under discussion on energy transition SPAC

February 11, 2022

Credit: Eni Flickr-CC BY-NC 2.0

Eni is testing investors’ willingness to focus on energy transition projects as part of its own green drive, a special purpose company (SPAC), two sources said.

The Italian energy group is working with a few other investors to establish and list a SPAC that could raise more than € 200 million ($ 229.32 million), sources said. One of them said.

Eni will be a minority shareholder in the vehicle, according to sources, but details have not been disclosed.

Eni declined to comment.

SPAC is a publicly held shell company that raises funds, merges with a private company, and as a result goes public.

Raising its climate change ambitions by promising to be carbon-neutral by 2050 last year, Eni is investing heavily in clean businesses as it moves away from oil and gas. ($ 1 = 0.8721 euros)

(Report by Stephen Jewkes, edited by Lisa Shumaker)

https://www.oedigital.com/news/494251-report-eni-in-talks-on-energy-transition-spac Eni under discussion on energy transition SPAC

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