MILAN, Nov 11 (Reuters) - Swiss asset manager Energy

Infrastructure Partners (EIP) will up its stake in Eni's

Plenitude unit to 10%, in a deal that values the

group's retail and renewable business at more than 10 billion

euros ($11 billion) including debt, Eni said.

The Italian energy group said in a statement on Monday

EIP had agreed to subscribe to a new share issue worth around

209 million euros.

The deal is part of Eni's 'satellite' strategy, aimed at

creating separate units capable of attracting investments to

grow their businesses. Eni's Chief Transition and Financial

Officer Francesco Gattei said the group believed this was the

right approach to the energy transition.

"We have embarked on a virtuous path of creating low and

zero-carbon businesses that attract leading investors, grow

organically, and become self-sustaining," Gattei said in the

statement.

Under its 'satellite' strategy, Eni has partnered with

U.S. investment firm KKR which invested 2.94 billion

euros in the group's biofuel unit Enilive to take a stake of

25%.

The Italian group is also in talks with investors

interested in becoming partners in its carbon capture and

storage business (CCS).

Switzerland's EIP had first invested in Plenitude in

March, buying a 7.6% stake for 588 million euros and saying it

would consider later raising its holding.

"Our decision to increase the size of our investment

reconfirms our strong belief in the value of the business, the

excellence of Plenitude's entire organization and leadership

team, and the company's ability to deliver in line with its

strategy and business plan," EIP partner Tim Marahrens said.

Rothschild advised EIP while Eni was advised by

Mediobanca.

Plenitude generates power from renewable sources with an

installed capacity of over 3 gigawatt (GW), it sells gas and

electricity to 10 million customers, and has a network of 21,000

charging points for electric vehicles.

By 2027, the company aims to reach over 11 million

customers, more than 8 GW of renewable capacity and 40,000

charging points installed in Italy and abroad.

($1 = 0.9332 euros)

(Reporting by Francesca Landini, editing by Cristina Carlevaro

and Valentina Za)