Eni Sells Minor Stake in Plenitude to Ares

Ares Management Corporation, a leading global alternative investment manager, said that its affiliates, Ares Alternative Credit funds, has entered into an agreement to acquire a 20% stake in Plenitude, a leader in energy transition controlled by oil and gas major Eni, for approximately $2.3 billion.

The consideration implies an enterprise value for Plenitude of over $13.91 billion. Completion of the transaction is subject to customary regulatory approvals, Ares said on Monday.

Plenitude operates in over 15 countries worldwide, integrating a business model that combines over 4 GW of renewable energy production, as well as retail and energy solutions. The company serves more than 10 million customers and manages an extensive network of 21,500 charging points for electric vehicles.

Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares, said that 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.

He added: “We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact.”

In his comments, Stefano Questa, Partner and Co-Head of European Alternative Credit, said that Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record, and we are delighted to be part of its next phase of growth.

Plenitude CEO Stefano Goberti said that the deal was a further endorsement of the quality of their strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector.

Ares, with its entry into the company, highlights the progression of Plenitude’s value and becomes part of their growth journey, which they have been pursuing with determination and conviction day after day, he added.

Second Acquisition

According to Eni, the agreement with Ares is part of development of its satellite model and follows the acquisition of a 10% stake in Plenitude’s share capital by the investment fund Energy Infrastructure Partners.

Francesco Gattei, Chief Transition & Financial Officer of Eni, said that the agreement announced underscores the strong appeal of Plenitude’s business model.

“Plenitude is one of our satellite companies, established just a few years ago to maximize the value of our high-potential assets, continuously create value, and contribute towards our net zero Scope 3 emissions reduction targets. Today we welcome a new international leading partner who will support Plenitude in its significant future growth,” he added.

Leading Investor

The Ares Alternative Credit strategy is a leading investor in asset-based finance, managing approximately $42.9 billion in assets under management as of 31 March 2025. The team invests across the capital structure and seeks opportunities in large, diversified portfolios across various sectors, including specialty finance, lender finance, equipment leasing, structured products, net lease, cash flow streams (e.g., royalties, licensing, management fees) and other asset-focused investments.

Aligning Ares’ investment activities with its social impact, Ares and Ares Alternative Credit portfolio managers have committed to donate a portion of the performance fees from Ares Alternative Credit’s Pathfinder family of funds to support global health and education charities.