Private equity firm Ares Alternative Credit Management has entered exclusive negotiations with Italian energy major Eni to acquire a 20% minority stake in its renewable energy and retail unit Plenitude, in a transaction that would value the business at approximately $13bn, including debt.
The deal, which was announced in a statement on Thursday, underscores the increasing appetite among private capital providers for exposure to energy transition assets, while also aligning with Eni’s broader strategy of attracting financial partners to support its low-carbon ambitions.
For Los Angeles-based Ares – which reported $546bn in AUM as of March 2025 – the deal marks a significant step in its alternative credit and asset-based finance strategy, particularly in Europe’s evolving energy infrastructure landscape.
Plenitude, which combines Eni’s renewable generation, electric mobility, and retail energy operations, has drawn sustained interest from global institutional investors. The deal is being negotiated at an equity value of €9.8–€10.2bn, rising to €12bn-plus with debt, according to Eni.
The potential acquisition follows Ares’ announcement of a new Milan office, further solidifying its footprint in Southern Europe. Tyrone Cooney, head of France and Southern Europe for direct lending at Ares, previously described Italy as “the new frontier” for private credit.
For Eni, the divestment aligns with its so-called “satellite strategy”, under which it sells minority stakes in high-growth, ESG-aligned business units to generate capital for ongoing investment in both green and conventional energy operations. The approach has already seen Switzerland’s Energy Infrastructure Partners (EIP) acquire 10% of Plenitude across two deals, and KKR take a 30% interest in Eni’s biofuels subsidiary Enilive earlier this year.
Mediobanca is acting as financial adviser to Eni, while UniCredit and Deutsche Bank are advising Ares.
