Ares Management has completed the acquisition of a 20% stake in Plenitude from Eni for €2 billion, valuing the renewable energy and energy solutions company at more than €12 billion. The investment was led by Ares Alternative Credit funds and other affiliated Ares vehicles, marking one of the firm’s notable infrastructure and energy transition transactions in Europe.
Plenitude operates across more than 15 countries, integrating renewable power generation, energy retailing, and energy services. The company currently manages 4.8 GW of renewable capacity, supplies energy to 10 million customers, and oversees more than 22,000 public electric vehicle charging points. Plenitude aims to achieve 10 GW of global renewable capacity by 2028 as part of its long-term expansion strategy.
The transaction strengthens Plenitude’s shareholder base, which also includes Eni and Energy Infrastructure Partners, and is intended to support the company’s continued growth in renewable generation and electrification services.
Ares has been active in the Italian market for over two decades, deploying more than €4 billion in investments across companies and real asset platforms. The firm expects its presence in the region to expand following plans to open an office in Milan in 2025.
Ares Alternative Credit manages approximately $46.7 billion in assets focused on asset-backed and structured finance strategies. The group invests across a diversified range of sectors and capital structures. In addition, Ares and its portfolio managers have committed a portion of performance fees from the Pathfinder family of funds to global health and education initiatives, reflecting the firm’s focus on social impact alongside investment activity.
Plenitude’s leadership highlighted that the addition of Ares as a shareholder reinforces the strength of the company’s integrated business model, which balances renewable energy production with retail customer growth and electrification solutions.
KEY QUOTES:
“This closing underscores the Ares platform’s ability to deliver flexible capital at scale to high-quality, asset-focused businesses. We are excited to support Eni and Plenitude in their next phase of growth.”
Joel Holsinger, Partner and Co-Head of Alternative Credit, Ares
“We are pleased to complete our investment in Plenitude and look forward to partnering with Stefano and the rest of the Plenitude and Eni teams in this next chapter of growth.”
Stefano Questa, Partner and Co-Head of European Alternative Credit, Ares
“Today, Ares officially joins Plenitude’s shareholder base, alongside Eni and Energy Infrastructure Partners. The arrival of a new investor further confirms the appeal of our distinctive business model and highlights the value we have built over time. We are confident that, together, we will continue to pursue our shared growth path with determination.”
Stefano Goberti, CEO, Plenitude
