Enilive focuses on biorefining and biomethane production. Credit: Christian Harb on Unsplash.

Italian energy company Eni is close to finalising a deal with investment firm KKR for the sale of a stake in its biofuel unit, Enilive, while also attracting interest from other potential investors, reported Reuters, citing two sources.

In July 2024, Eni began discussions with KKR regarding a 20–25% stake in Enilive, with the company valued at €11.5bn–12.5bn.

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According to three sources, negotiations could conclude within the next two to three weeks, with KKR likely acquiring a 20% share.

Additionally, Eni has been approached by other suitors including investment firm Stonepeak about the possibility of selling another minority stake in Enilive.

As part of so-called ‘satellite’ strategy, Eni finalised a deal in March 2024 that introduced Swiss asset manager Energy Infrastructure Partners as a partner in its retail and renewable unit Plenitude.

Enilive, which operates biorefineries in Italy and internationally, produces biofuels from waste and vegetable oil, some sourced from Eni’s agribusiness in Africa.

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The unit also produces biomethane, provides smart mobility services and manages more than 5,000 multi-fuel stations across Europe.

By 2025, Enilive is projected to achieve core earnings of approximately €1.2bn, a significant increase from the €1bn expected for this year.

Enilive, which focuses on biorefining and biomethane production, aims to offer increasingly low-carbon services and products as part of the energy transition.

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

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