KKR strengthens hold in Enilive with €587.5m stake boost—What it means for investors

KKR has finalized its acquisition of a 25% stake in Enilive’s share capital, following the necessary regulatory approvals for the transaction first announced in October 2024. This deal, valued at €2.967 billion, includes a €500 million capital injection into Enilive, aimed at accelerating the company’s sustainable mobility and low-carbon energy initiatives.

The transaction strengthens KKR’s position in Enilive stake acquisition, reflecting the investment firm’s growing focus on infrastructure assets that drive the global energy transition. The deal is also aligned with Eni sustainability strategy, which seeks to attract external capital to enhance its energy transition business while maintaining strategic control.

Why Is KKR Increasing Its Stake in Enilive?

KKR’s investment in Enilive stake acquisition did not stop at the initial 25% purchase. In February 2025, the firm acquired an additional 5% stake for €587.5 million, bringing its total holding to 30%. This second acquisition, which maintains Enilive’s valuation at €11.75 billion, remains subject to final regulatory approvals.

KKR’s decision to expand its presence in Enilive is driven by the company’s crucial role in the energy sector‘s shift toward low-carbon solutions. As part of Eni sustainability strategy, Enilive focuses on biorefining, biomethane production, and smart mobility services, making it a key asset for investors looking to support decarbonization efforts.

Enilive’s extensive fuel distribution network, with over 5,000 Enilive stations across Europe, enhances its ability to scale sustainable mobility solutions. The company’s biogas and biomethane initiatives, alongside its sustainable aviation fuel (SAF) production, position it as a leader in low-carbon fuel alternatives.

How Does This Investment Support Enilive’s Energy Transition Goals?

The growing KKR energy investment in Enilive strengthens the company’s ability to accelerate low-carbon energy production. As part of Eni sustainability strategy, Enilive is expanding its biorefining capacity and SAF production, with ambitious targets including:

• More than 5 million tonnes per year in biorefining output
• Up to 2 million tonnes in SAF production by 2030

Enilive operates key facilities central to these goals, including its Venice and Gela biorefineries in Italy. The company also manages the St. Bernard Renewables joint venture in Louisiana, United States, in partnership with PBF Energy. In Italy, several biogas plants are being converted for biomethane production, while new biorefinery projects are under development in Livorno, Malaysia, and South Korea.

With additional financial backing from KKR energy investment, Enilive is positioned to enhance its sustainable fuel production capacity and strengthen its role in the decarbonization of transportation.

How Does This Deal Align With Eni’s Long-Term Strategy?

Eni’s decision to bring in KKR as a financial partner reflects a broader strategy to enhance the market visibility of its energy transition businesses while ensuring operational control. The move aligns with Eni sustainability strategy, which focuses on attracting external investment into specific business segments to support independent growth.

The company’s approach ensures that Enilive remains strategically aligned with Eni’s energy transition priorities, particularly in advancing low-carbon fuel production. Analysts see KKR’s growing stake as a strong market endorsement of Enilive’s business model and expansion potential.

Industry experts suggest that Eni’s strategy of partnering with institutional investors like KKR increases the financial strength of its low-carbon energy businesses. The approach enables Eni to optimize its capital structure, maintain control over strategic assets, and scale up its energy transition initiatives.

What Does KKR’s Investment Mean for Its Global Portfolio?

The decision to expand its Enilive stake acquisition is in line with KKR’s long-term commitment to infrastructure and sustainable mobility investments. Since 2005, the firm has been actively investing in Italy, playing a key role in financing energy and digital infrastructure projects.

In July 2024, KKR completed the acquisition of Telecom Italia‘s fixed-line network, incorporating it into FiberCop to create Italy’s largest broadband provider. The firm’s broader infrastructure strategy spans energy, transportation, and digital infrastructure, reinforcing its commitment to supporting large-scale transformation projects.

KKR’s Global Infrastructure Strategy, launched in 2008, has accumulated over $77 billion in assets under management, solidifying its presence in low-carbon energy financing. The firm’s growing stake in Enilive stake acquisition is part of a broader strategy to back companies driving the transition to cleaner energy sources.

The involvement of leading institutional co-investors, including pension funds, signals strong market confidence in Enilive’s potential in sustainable mobility solutions. With demand for low-carbon fuel alternatives increasing, KKR sees long-term value in Enilive’s business model and growth trajectory.

What Are the Next Steps for the Transaction?

KKR’s additional 5% stake acquisition in Enilive remains subject to regulatory approvals and is expected to close in the coming months. Upon completion, the transaction will further solidify Enilive’s standing as a leader in energy transition investments, allowing the company to scale its low-carbon energy production capacity.

Industry analysts believe that KKR’s growing stake in Enilive reflects increasing institutional confidence in sustainable energy investments. As Enilive expands its biorefining, biomethane, and SAF capabilities, additional financial and strategic partnerships may emerge to accelerate its role in the global shift toward cleaner energy sources.

For Eni, the partnership ensures that Enilive remains a key asset in its low-carbon energy transition portfolio. By maintaining majority control, Eni can steer Enilive’s strategic direction while leveraging external investment to scale its sustainability initiatives.

With KKR energy investment increasing, Enilive is well-positioned to expand its sustainable mobility solutions, playing a crucial role in the evolving energy landscape focused on decarbonization.