Italian energy company Eni announced today that it has entered into exclusive negotiations with alternative asset management firm Ares’ alternative credit arm for the sale of a 20% stake in Eni’s renewables, retail and EV charging company Plenitude.
Eni said that the stake would be acquired at an equity value of the company between €9.8 and €10.2 billion (USD$2.2 – $2.3 billion), corresponding to an enterprise value of more than 12 billion.
Eni established Plenitude in 2021, through the combination of its renewables, retail and e-mobility businesses. The company currently has over 4 GW of installed renewables capacity, with a target reach over 10 GW by 2028, sells electricity and gas to 10 million customers across 6 countries, and operates an EV charging network consisting of 21,500 charging points across 8 countries, with a goal to reach 40,000 by 2030.
The new negotiations follows the sale by Eni of a 10% stake in Plenitude last year to Zurich-based energy transition-focused investor Energy Infrastructure Partners (EIP), forming part of Eni’s “satellite model,” aimed at attracting capital from partners to fund growth and highlight the value creation of its new businesses, while preserving free cash flow from traditional businesses for shareholder distribution. Eni also sold a 25% stake in its mobility transformation and biofuels-focused business Enilive in 2024 to KKR.
In a statement announcing the new negotiations with Ares, Eni said:
“The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects.”
