$2.3B stake sold: Eni sells 20% of Plenitude to Ares Management, valuing the company at over €12B including debt.
Strategic partnership: Move aligns with Eni’s long-term strategy to scale its energy transition platform through partnerships.
Global expansion: Ares strengthens its footprint in Italy while backing a renewables and EV charging leader with 10M+ customers.
Italian energy giant Eni has sold a 20% stake in its retail and renewables arm, Plenitude, to U.S. alternative investment firm Ares Management Corp. for approximately €2 billion ($2.3 billion).
The deal is part of Eni’s long-term strategy to form strategic partnerships to scale its clean energy businesses. It follows a previous 10% sale to Swiss investment fund Energy Infrastructure Partners.
“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record,” said Stefano Questa, co-head of European Alternative Credit at Ares.
The transaction gives Plenitude an equity value of €10 billion, which rises above €12 billion when including debt. The company operates in more than 15 countries, integrating over 4 GW of renewable energy generation with retail power and gas services. Plenitude also manages 21,500 EV charging points and serves more than 10 million customers.
RELATED ARTICLE: Plenitude and Simply Blue Group Team to Develop Floating Offshore Wind Projects in Italy
Ares made the investment through its Ares Alternative Credit strategy, which managed approximately $43 billion in assets as of March. The firm’s total assets under management reached $546 billion globally at the end of Q1.
Advisors on the transaction included Deutsche Bank and UniCredit for Ares, and Goldman Sachs and Mediobanca for Eni.
Follow ESG News on LinkedIn
