Eni has secured a significant investment for its renewable energy subsidiary Plenitude, with Ares Management Alternative Credit funds agreeing to purchase a 20% stake for approximately $2.3 billion.

The transaction values Plenitude at $11.5 billion in equity terms, corresponding to an enterprise value exceeding $13.8 billion. The deal represents another milestone in Eni’s satellite model strategy, following Energy Infrastructure Partners’ earlier acquisition of a 10% stake in the company.

Plenitude, established in 2017 as part of Eni’s transition strategy, has rapidly expanded its operations across more than 15 countries. The company integrates renewable energy production with retail and energy solutions, boasting over 4 gigawatts of renewable capacity and serving more than 10 million customers worldwide.

The energy transition specialist also manages an extensive network of 21,500 electric vehicle charging points, positioning itself as a comprehensive player in the sustainable energy ecosystem.

Francesco Gattei, Eni’s Chief Transition & Financial Officer, highlighted the deal’s significance in demonstrating Plenitude’s business model appeal. “Plenitude is one of our satellite companies, established to maximise the value of our high-potential assets and contribute towards our net zero Scope 3 emissions reduction targets,” he commented.

For Ares Management, the investment leverages its expertise across asset-based finance and renewables infrastructure. 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.”

Stefano Goberti, Plenitude’s CEO, welcomed the partnership with Ares, stating: “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.”

The transaction remains subject to regulatory approval from competent authorities before completion.