Ares Management Corporation is contributing over €1bn as part of a €1.56bn capital raise for Plenitude alongside majority shareholder Eni, increasing Ares’ stake in the energy transition business to 26.24%.
Ares, via its Ares Alternative Credit funds, is increasing its stake after first acquiring a 20% interest in Plenitude in 2025 for approximately €2bn.
Eni retains 65.03% and Energy Infrastructure Partners (EIP) holds 8.73%.
The latest transaction gives Plenitude an equity valuation of €10.75bn and a €13.1bn enterprise value and establishes a joint control governance framework between Eni and Ares.
Plenitude operates across 15 countries with 6GW of renewable power generation capacity, serving approximately 11m electricity and gas customers and operating a network of over 23,000 electric vehicle charging points.
Following completion, Plenitude’s governance transitions to a nine-member board comprising five Eni appointees, three Ares appointees and one EIP representative.
Stefano Questa, partner and co-head of European alternative credit, said: “Our continued commitment to Plenitude underscores our conviction in its long-term growth ambitions. We are also pleased to strengthen our collaboration with Eni and look forward to continuing to work together as we support Plenitude.”
Stefano Goberti, CEO of Plenitude, said: “This transaction ushers in a new chapter of growth for our company. With the support of leading partners such as Eni, Ares and EIP, we are further strengthening our positioning and accelerating the achievement of our strategic objectives.
“Our distinctive business model, strong financial position and industrial expertise provide the foundations on which we will continue to build, creating long-term value for all our stakeholders.”
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