Ares Management has reached an agreement to purchase a 20% stake in Eni’s renewable energy subsidiary, Plenitude, for approximately €2 billion. This investment is based on an equity valuation of €10 billion and reflects an enterprise value exceeding €12 billion. The transaction is subject to regulatory approvals.
This acquisition follows Energy Infrastructure Partners’ earlier investment, which holds a 10% stake in Plenitude. Stefano Goberti, the CEO of Plenitude, expressed enthusiasm about the partnership, stating that bringing Ares on board underscores the company’s strategic approach to integrating economic and environmental sustainability. He noted that Ares’ investment highlights the increasing value of Plenitude and aligns with the company’s growth trajectory in the energy sector.
Stefano Questa, a partner at Ares, remarked on Plenitude’s leadership in the energy transition, emphasizing its unique business model and solid record of growth and profitability. He indicated that Ares looks forward to supporting Plenitude in achieving its financial objectives and maximizing its impact in the renewable energy space.
Plenitude operates in over 15 countries and combines more than 4 gigawatts (GW) of renewable energy production with energy sales and solutions across Europe. The company has set a goal to expand its installed renewable capacity to 10 GW by 2028.
