Rome, Italy – May 2025 — Eni has entered exclusive negotiations with Ares Alternative Credit Management to sell a 20% stake in its clean energy and electric mobility subsidiary, Plenitude. The proposed transaction values Plenitude between €9.8 billion and €10.2 billion, with a total enterprise value exceeding €12 billion.
The $2.2 billion deal underscores strong investor interest in the rapidly expanding clean energy sector and supports Eni’s “satellite model”—a strategy designed to channel external capital into its energy transition businesses while preserving cash flow from its traditional oil and gas operations.
“This agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company,” Eni said in a statement. “It further confirms the great appeal of its business model and its growth prospects.”
Founded in 2021, Plenitude consolidates Eni’s renewables, retail energy, and e-mobility operations. The company currently operates 4 GW of renewable capacity and aims to exceed 10 GW by 2028. It serves approximately 10 million energy customers across six countries and manages over 21,500 EV charging points in eight markets. Plenitude plans to expand that charging network to 40,000 points by 2030.
The exclusive talks with Ares follow Eni’s earlier sale of a 10% stake in Plenitude to Energy Infrastructure Partners (EIP) in 2023. In 2024, Eni also sold a 25% stake in Enilive, its biofuels and sustainable mobility unit, to U.S. private equity firm KKR. These transactions reflect Eni’s ongoing efforts to attract strategic investors to its clean energy portfolio while maintaining financial flexibility and shareholder returns.
The pending deal with Ares highlights growing confidence in Plenitude’s future and reinforces Eni’s strategy of unlocking value through capital-efficient partnerships in the evolving energy landscape.
