Investment firm Ares Management has agreed to acquire a 20% stake in Plenitude, the renewable energy arm of Italian energy company Eni, in a deal that values the company at €10 billion.
The transaction, worth approximately €2 billion, places Plenitude’s enterprise value at over €12 billion. Completion of the deal is subject to customary regulatory approvals.
The investment marks the second minority stake sold by Eni, following a previous 10% sale to Energy Infrastructure Partners. Plenitude, which integrates renewable generation, energy sales and energy solutions, operates in more than 15 countries and currently has over 4 gigawatts (GW) of renewable capacity. The company aims to grow that figure to 10GW by 2028.
Plenitude CEO Stefano Goberti said the agreement reflects continued investor confidence in the company’s strategy. “I am pleased to welcome Ares, one of the world’s leading investment funds, as a new shareholder in Plenitude,” Goberti said. “The deal is a further endorsement of the quality of our strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector.
Ares, which has a significant presence in alternative investments, will support Plenitude’s growth ambitions alongside Eni.
“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record of growth and profitability,” said Stefano Questa, partner and co-head of European alternative credit at Ares. “We are delighted to support Plenitude in delivering its financial and impact goals, and we look forward to partnering with its management team and Eni in this exciting new chapter.
