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MILAN, Italy – Italian energy major Eni has sold a 20% stake in Plenitude, its integrated retail and renewables subsidiary, to Ares Management Corporation for approximately €2 billion ($2.3 billion), valuing Plenitude at over €12 billion including debt.
The deal supports Eni’s strategy to accelerate its energy transition efforts by forming strategic partnerships and scaling capital-intensive clean energy platforms. It follows a previous sale of 10% of Plenitude to Energy Infrastructure Partners, a Swiss investment firm.
Strategic Investment in Clean Energy
Plenitude operates in over 15 countries, combining 4 GW of renewable generation capacity with gas and electricity retail services. The company also manages 21,500 EV charging stations and serves over 10 million customers, positioning it as a key player in Europe’s energy transition.
“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record,” said Stefano Questa, Co-Head of European Alternative Credit at Ares.
Ares Expands European Footprint
The investment was made through Ares’ Alternative Credit strategy, which managed approximately $43 billion as of March 2025. Ares’ total global assets under management reached $546 billion at the end of Q1, and the firm sees the Plenitude stake as a strategic entry into Italy’s renewables and EV infrastructure markets.
Advisory and Valuation
The transaction implies an equity valuation of €10 billion for Plenitude, rising to over €12 billion with debt included. Ares was advised by Deutsche Bank and UniCredit, while Goldman Sachs and Mediobanca advised Eni.
The sale marks a significant milestone in Eni’s roadmap to decarbonise its portfolio while attracting private capital to accelerate growth in renewable energy and sustainable mobility.
