High-Value Deal: The proposed 20% stake sale values Plenitude between €9.8–€10.2B, with an enterprise value exceeding €12B.
Strategic Capital Model: The move aligns with Eni’s “satellite model” to fund clean energy growth while preserving traditional business cash flow.
Growing Renewable Portfolio: Plenitude targets 10 GW of renewable capacity and 40,000 EV charging points by 2030.
Eni has entered exclusive negotiations with Ares Alternative Credit Management for the sale of a 20% stake in its clean energy arm, Plenitude—marking a potential deal that values the company between €9.8 and €10.2 billion, and gives it an enterprise value north of €12 billion.
“This agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company,” Eni stated, “further confirming the great appeal of its business model and its growth prospects.”
Founded in 2021, Plenitude combines Eni’s renewables, retail energy, and e-mobility businesses. It currently operates 4 GW of installed renewables capacity, aiming to exceed 10 GW by 2028. The company also serves 10 million energy customers across six countries and manages over 21,500 EV charging points across eight countries—with a goal of doubling that number by 2030.
This negotiation with Ares follows Eni’s sale of a 10% stake in Plenitude to Energy Infrastructure Partners (EIP) in 2023. More recently, Eni sold a 25% stake in Enilive, its biofuels and mobility transformation unit, to KKR in 2024. These transactions are part of Eni’s “satellite model”, designed to draw strategic capital into its growth businesses while keeping traditional cash flows intact for shareholder returns.
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The exclusivity agreement with Ares signals not only investor confidence in Plenitude’s growth trajectory but also Eni’s commitment to unlocking value through capital-efficient partnerships.
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