Ares Management Corporation has agreed to purchase a 20% stake in Eni’s renewable energy division, Plenitude, for approximately €2 billion. This deal values Plenitude at around €10 billion, contributing to an enterprise value exceeding €12 billion. The transaction is pending standard regulatory approvals.
Ares’ investment follows Energy Infrastructure Partners, which already holds a 10% stake in Plenitude. Stefano Goberti, CEO of Plenitude, welcomed Ares as a new investor, emphasizing the alignment of their strategic vision that combines economic viability with environmental sustainability. Goberti stated, ‘Ares’ involvement underscores Plenitude’s value progression and supports our growth initiatives in the evolving energy market.’
Stefano Questa, a partner at Ares, noted Plenitude’s strong position in the energy transition sector, highlighting its unique business model and solid growth track record. Questa expressed enthusiasm about collaborating with Plenitude’s management team and Eni to achieve both financial and impact objectives.
Plenitude operates in over 15 countries and manages more than 4GW of renewable energy production, as well as energy sales and solutions across Europe. The company aims to expand its installed renewable capacity to 10GW by 2028, reflecting its commitment to scaling up its contributions to the renewable energy landscape.
