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Eni in talks with Ares to sell 20% stake in Plenitude

SAN DONATO MILANESE, May 16, 2025 – Eni has signed an exclusivity agreement with Ares Alternative Credit Management for the potential sale of a 20% stake in its renewables subsidiary Plenitude, Eni announced on Thursday.

The agreement establishes a period during which the companies will negotiate and seek to establish a definitive agreement to finalise a deal for the 20% stake. Negotiations will be based on an equity valuation of Plenitude of between EUR 9.8 billion and EUR 10.2 billion, corresponding to an enterprise value of more than EUR 12 billion.

“The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects,” Eni said.

Plenitude’s activities incorporate renewable power generation, retail energy services and a network of charging points for electric vehicles. The company has a 4.1-GW renewables portfolio and aims to expand its capacity to 10 GW by 2028.

In March 2025, Eni closed the sale in two tranches of a 10% stake in Plenitude to Zurich-based energy infrastructure investment firm Energy Infrastructure Partners for a total of approximately EUR 800 million.

Ares Alternative Credit Management is a division of US investment manager Ares Management Corporation, which has approximately USD 546 billion of assets under management.

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