Ares Management Alternative Credit funds, affiliates of the alternative investment manager Ares Management, have agreed with Eni to acquire a 20% interest in Eni’s subsidiary, Plenitude, for €2bn ($2.3bn).
The deal is based on an equity valuation of €10bn and implies an enterprise value exceeding €12bn.
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The transaction enhances Plenitude’s market value, confirming the strength of its business model, which combines renewable energy generation, energy sales and services for homes and businesses, and charging solutions for electric vehicles.
Ares’ investment in Plenitude follows Energy Infrastructure Partners, which owns a 10% stake in the company.
Plenitude CEO Stefano Goberti stated: “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, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector.”
The transaction will close upon receiving standard regulatory approvals.
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By GlobalDataPlenitude operates in more than 15 countries globally, employing a business model that integrates more than 4GW of renewable energy production alongside retail and energy solutions.
The company caters to more than ten million customers and oversees a network of 21,500 electric vehicle charging points.
By 2028, Plenitude aims to achieve 10GW of installed renewable capacity while expanding its customer reach beyond 11 million.
Ares European Alternative Credit partner and co-head Joel Holsinger stated: “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.
“We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact.”
In October 2024, Plenitude commenced the construction of a 220MW solar power plant in Spain.
The plant features 365,300 advanced bifacial solar panels and will produce more than 400 gigawatt hours annually.
