Alternative asset management firm Ares announced today that its alternative credit arm, Ares Management Alternative Credit funds signed a new agreement with Italian energy company Eni to acquire a 20% stake in Plenitude, Eni’s renewables, retail and EV charging company.

The transaction is being made for a total value of approximately €2 billion (USD$2.3 billion), corresponding to an equity valuation of €10 billion for Plenitude, or an enterprise value of €12 billion.

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.”

Eni established Plenitude in 2021, through the combination of its renewables, retail and e-mobility businesses. The company currently has over 4 GW of installed renewables capacity, with a target reach over 10 GW by 2028, serves more than 10 million customers across 6 countries, and operates an EV charging network consisting of 21,500 charging points across 8 countries.

The transaction follows the sale by Eni of a 10% stake in Plenitude last year to Zurich-based energy transition-focused investor Energy Infrastructure Partners (EIP), forming part of Eni’s  “satellite model,” aimed at attracting capital from partners to fund growth and highlight the value creation of its new businesses, while preserving free cash flow from traditional businesses for shareholder distribution. Eni also sold a 25% stake in its mobility transformation and biofuels-focused business Enilive in 2024 to KKR.

Stefano Goberti, CEO of Plenitude, said:

“I am pleased to welcome Ares, one of the world’s leading investment funds, as a new shareholder in Plenitude. 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.”

Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares, added:

“We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact.”

Ares and Eni announced that they had entered exclusive negotiations on the transaction in May 2025.