Ares Management Corporation is acquiring a 20% stake in Plenitude, Eni’s €12bn diversified energy transition company.
Ares, through its alternative credit business, has agreed to acquire the minority interest in Plenitude for approximately €2bn.
Plenitude operates in over 15 countries globally with a business model that combines more than 4GW of renewable-energy production alongside retail and energy solutions. The company also manages a network of 21,500 charging points for electric vehicles.
Joel Holsinger, partner and co-head of alternative credit at Ares, said: “This transaction underscores the strength of the Ares platform, which leverages experience across its diversified businesses, including asset-based finance and renewables infrastructure, to deliver flexible capital at scale.
“We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact.”
Stefano Questa, partner and co-head of European alternative credit at Ares, said: “Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record, and we are delighted to be part of its next phase of growth.”
Stefano Goberti, CEO of Plenitude, said: “The deal is a further endorsement of the quality of our strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector.
“Ares, with its entry into the company, highlights the progression of Plenitude’s value and becomes part of our growth journey, which we pursue with determination and conviction day after day.”
Eni launched Plenitude in 2021 to drive its decarbonisation efforts. In December 2023, Switzerland-based manager Energy Infrastructure Partners (EIP) announced it was acquiring up to a 9% interest in Plenitude.
EIP initially agreed to invest €500m, with an option to increase the total investment to €700m, which would secure the full 9% stake.
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