Ares Management has acquired a 20% stake in Eni’s renewable energy and retail arm, Plenitude, for approximately €2bn ($2.3bn), as the Italian energy giant continues to bring in strategic partners to scale its clean energy operations, according to a report by Reuters.
The deal, which values Plenitude’s equity at €10bn (rising above €12bn including debt), was executed through Ares’ Alternative Credit strategy and marks a significant expansion of the US private credit giant’s footprint in the Italian energy market.
The transaction follows Eni’s earlier sale of a 10% stake to Energy Infrastructure Partners, reflecting a broader push by the group to monetise and scale its energy transition platform through co-investment.
Plenitude operates across more than 15 countries, integrating 4GW of renewables capacity, over 10 million retail customers, and a fast-growing EV charging network of 21,500 points.
Goldman Sachs and Mediobanca advised Eni, while Deutsche Bank and UniCredit supported Ares on the transaction.
