Eni SpA has signed a deal to divest 20 percent of its renewable energy (RE) arm to Ares Management Corp. for around EUR 2 billion ($2.32 billion).
The sale places an equity value of EUR 10 billion on Eni Plenitude SpA Societa Benefit, “which corresponds to an enterprise value of over 12 billion euros”, Italian state-backed Eni said in an online statement.
“The transaction further strengthens Plenitude’s market value, reaffirming the robustness of its business model, which integrates renewable energy production, energy sales and services for households and businesses, as well as charging solutions for electric mobility”, Eni said.
Earlier Energy Infrastructure Partners (EIP) raised its stake in Plenitude to 10 percent by injecting EUR 209 million in additional capital. Including EUR 588 million paid March 2024, EIP has invested about EUR 800 million in Plenitude.
“This transaction underscores the strength of the Ares platform, which leverages experience across its diversified businesses, including asset-based finance and renewables infrastructure, to deliver flexible capital at scale”, Joel Holsinger, partner and co-head of Alternative Credit at Ares, said in a separate press release.
Plenitude’s installed generation capacity from renewable sources rose to four gigawatts (GW) last year according to Eni. Plenitude plans to reach 10 GW of renewable capacity by 2028.
Plenitude is active in over 15 countries. It counts more than 10 million retail customers, as well as 21,500 electric vehicle charging points, according to Eni.
“The agreement with Ares is part of Eni’s development of its satellite model”, Eni said. The model involves, in the company’s words, “creating focused and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth”.
Recently KKR & Co. Inc. completed the purchase of a 25 percent stake in another Eni company, biofuels developer Enilive. That would be raised to 30 percent after the completion of a later agreement.
“The overall proceeds for Eni group, after accounting for cash adjustments and other items, amount to EUR 2.967 billion, including a capital increase in Enilive of EUR 500 million to support the company’s growth plan”, Eni said March 6, 2025.
“Enilive, with its integrated business model, represents a prime example of the progress of the business satellite model, further confirmed by a post-money valuation of EUR 11.75 billion of Equity Value for 100 percent of Enilive’s share capital and KKR’s commitment to strengthen its role as a key partner through an agreement, announced to the market on 18 February, to increase its stake in Enilive by a further 5 percent”.
To contact the author, email jov.onsat@rigzone.com
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