Eni highlighted strong growth in its renewable energy business during its second-quarter 2026 earnings call, with its integrated energy transition company Plenitude continuing to expand renewable generation, electricity retail and electric mobility. The company said Plenitude’s pro forma EBITDA increased 16 percent year over year, supported by higher renewable power production, stronger customer growth and improved retail margins.
Eni said Plenitude has now reached approximately 5 GW of installed renewable energy capacity, keeping the business on track toward its long-term target of more than 10 GW by 2028. The renewable portfolio spans utility-scale solar, onshore wind and distributed generation projects across Europe and other international markets. The company continues to expand its integrated model by combining renewable electricity generation with power retail and electric vehicle charging infrastructure.
Plenitude is executing a diversified portfolio of renewable energy and energy storage projects across Europe, North America and Central Asia, covering solar PV, onshore wind, offshore wind and battery energy storage systems (BESS).
The company’s largest project is its 13 percent stake in the UK Dogger Bank offshore wind farm, representing 470 MW of equity-installed capacity. The project is scheduled for completion between 2023 and 2028 and is expected to generate 2,250 GWh of electricity annually.
In Italy, Plenitude is developing multiple projects including BESS, Gela/Assemini, Tarsia, Maschito, Scanderberg and others, with a combined 285 MW of installed capacity. The projects, with ownership interests of 100 percent, 65 percent and 51 percent, are expected to be completed during 2025–2027 and produce more than 600 GWh annually.
In the United States, the Huisache PV and BESS project is 100 percent owned by Plenitude, with 276 MW of capacity. The project is expected to be completed in 2028 and generate around 500 GWh per year.
In Spain, the Orense onshore wind project has 100 MW of capacity with 100 percent ownership. It is scheduled for completion in 2029 and is expected to produce more than 200 GWh annually.
In Greece, the Mandria solar project is 100 percent owned, with 80 MW of installed capacity. The project is targeted for completion in 2026 and is expected to generate more than 100 GWh annually.
In Kazakhstan, the Mangystau–Aral renewable project combines solar and wind technologies with ownership interests of 51 percent and 100 percent, respectively. The project has 69 MW of installed capacity, is expected to be completed during 2026–2027, and will generate more than 200 GWh annually.
In France, the Antugnac2 solar project is 100 percent owned, with 8 MW of installed capacity. It is scheduled for completion in 2027 and is expected to produce more than 10 GWh annually.
Overall, Plenitude plans to expand its renewable energy portfolio significantly. Net renewable generation capacity is projected to increase from 5.8 GW in FY2025 to 6.5 GW in FY2026, reaching 15 GW by FY2030. At the same time, gross installed renewable capacity is expected to grow from 8 GW in FY2025 to 10 GW in FY2026, and exceed 21 GW by FY2030.
The company also reported continued growth in its customer base, with more than 11 million retail energy customers served by Plenitude. Management said the combination of renewable energy assets, electricity and gas supply, and EV charging services is creating a resilient earnings platform that is less exposed to commodity price volatility.
Eni reaffirmed that renewable energy remains a core pillar of its transition strategy while maintaining disciplined capital allocation. The group expects 2026 gross capital expenditure of about €7 billion, with net capital expenditure below €5 billion, while continuing investments in renewable power, biofuels, sustainable mobility and low-carbon energy projects. Overall, Eni delivered a strong second quarter, with pro forma EBIT doubling to €5.4 billion, adjusted net profit rising to €2.3 billion, and cash flow from operations increasing more than 60 percent to €4.5 billion. Strong financial performance, combined with steady expansion in renewable energy capacity and customer growth, reinforces the company’s strategy of building a diversified low-carbon energy business alongside its traditional operations.
BABURAJAN KIZHAKEDATH
