Ares Management, a global alternative investment manager, announced that Ares Alternative Credit funds have entered into a definitive agreement for the acquisition of a 20% stake in Plenitude, a leader in energy transition controlled by Eni, for about €2 billion. This consideration implies an enterprise value for Plenitude of over €12 billion.
Plenitude runs in over 15 countries worldwide, integrating a business model that combines over 4 GW of renewable energy production, as well as retail and energy solutions. And the company serves over 10 million customers and manages an extensive network of 21,500 charging points for electric vehicles.
The Ares Alternative Credit strategy is a leading investor in asset-based finance, managing about $42.9 billion in assets under management as of March 31, 2025. The team invests across the capital structure and seeks opportunities in large, diversified portfolios across various sectors, including specialty finance, lender finance, equipment leasing, structured products, net lease, cash flow streams (e.g., royalties, licensing, management fees), and other asset-focused investments.
Aligning Ares’ investment activities with their social impact, Ares and Ares Alternative Credit portfolio managers have committed to donating a portion of the performance fees from Ares Alternative Credit’s Pathfinder family of funds to support global health and education charities.
KEY QUOTES:
“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.”
Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares
“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 Questa, Partner and Co-Head of European Alternative Credit
“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. 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.”
Stefano Goberti, CEO of Plenitude
