LONDON AND MILAN, June 23, 2025 – Eni has signed an agreement with Ares Management Alternative Credit to sell a 20% stake in its renewable energy subsidiary, Plenitude, for around EUR 2 billion, the companies announced on Monday.

The consideration for the transaction is based on an equity valuation of Plenitude of approximately EUR 10 billion, corresponding to an enterprise value of more than EUR 12 billion. Ares’s incorporation into Plenitude’s share capital follows the entry in March 2025 of Energy Infrastructure Partners, which took a 10% stake for about EUR 800 million

Eni and Ares entered into exclusive talks to negotiate the deal in March 2025. The transaction aims to bolster Plenitude’s market value and its integrated clean energy business, which covers renewable energy generation, energy services and electric vehicle charging.

“I am pleased to welcome Ares, one of the world’s leading investment funds, as a new shareholder in Plenitude. The deal is a further endorsement of the quality of our strategic approach,” said Plenitude CEO Stefano Goberti.

“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record,” added Ares partner Stefano Questa. “We are delighted to be part of its next phase of growth.”

Plenitude’s activities incorporate renewable power generation, retail energy services and a network of charging points for electric vehicles. The company has a 4.1-GW renewables portfolio and aims to expand its capacity to 10 GW by 2028.

NYSE-listed Ares Management Corporation manages USD 546 billion in assets across various asset classes and operates in the Americas, Europe, Asia Pacific and the Middle East.

Photo courtesy of Plenitude

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