Eni Begins Talks To Sell 20% Stake In Plenitude

Italian energy giant Eni announced today that it has entered into exclusive negotiations with the alternative credit arm of Ares Management Corporation for the sale of a 20% stake in its integrated energy solutions company, Plenitude. The move is part of Eni’s strategic plan to attract capital and accelerate growth in its low-carbon businesses.

The deal places Plenitude at an equity valuation of between €9.8 billion and €10.2 billion (approximately USD $2.2 – $2.3 billion), with an enterprise value of more than €12 billion. The negotiations mark another key step in Eni’s broader “satellite model” strategy, which involves bringing in strong financial partners to help scale up its new energy ventures while ensuring its core fossil fuel operations continue to generate the cash needed for shareholder returns.

Plenitude was created in 2021 by merging Eni’s renewables, retail energy, and electric mobility businesses into a single entity. Since its inception, Plenitude has grown into a central pillar of Eni’s energy transition strategy. The company has over 4 gigawatts (GW) of installed renewable energy capacity currently and plans to exceed double that to more than 10 GW by 2028. Besides its renewables pipeline, Plenitude provides electricity and gas to 10 million customers in six nations and has an expanding electric vehicle (EV) charging network of 21,500 points in eight countries. The company has ambitious intentions of expanding this network to 40,000 points in a decade.

Eni’s plan to offload a 20% stake to Ares follows the successful sale of a 10% stake in Plenitude last year to Zurich-based Energy Infrastructure Partners (EIP), a firm focused on energy transition investments. That transaction was part of Eni’s effort to highlight the value of its green energy businesses and secure capital to support their development, while maintaining strategic control.

In 2024, Eni also sold a 25% stake in its mobility transformation and biofuels-focused subsidiary, Enilive, to American investment firm KKR. These transactions collectively reflect Eni’s dual-track strategy of decarbonizing its portfolio while preserving the financial stability of its legacy operations. Through these divestments, the company is seeking to accelerate its transition to a sustainable energy model by partnering with investors who bring both capital and industry expertise.

The negotiations under way with Ares follow an open competitive procedure, in which a number of international investors took part to invest in Plenitude. Eni stressed the fact that the procedure was transparent and included among the most advanced operators in the global investment space. In an official statement, Eni wrote that the partnership with Ares attests "to the excellent appeal of [Plenitude's] business model and the growth prospects thereof.

Ares Management is an internationally renowned alternative asset manager with a substantial presence in credit, private equity, real estate, and infrastructure. Its alternative credit business has been actively participating in the energy and infrastructure sectors, reflecting worldwide trends towards low-carbon investments.

The acquisition of Ares' support as a capital partner in Plenitude further enhances the platform's leadership role in the fast-developing renewable energy and e-mobility sector. For Eni, it further supports the ability of the company to realize the value of its green assets while staying within overall financial control. Through diversification of its shareholder base and partnerships with investors with a sustainable-growth focus, Eni is well-positioned to drive the global energy transition.

Plenitude, as a diversified and integrated energy company, stands out among Eni’s new business arms for its blend of green electricity generation, downstream customer engagement, and clean transportation infrastructure. This unique mix gives the company a strategic edge in achieving economies of scale, cross-sector synergies, and long-term resilience in an increasingly decarbonized energy market.

The transaction, once finalized, will mark a significant milestone in Plenitude’s journey and Eni’s transformation into a cleaner, more diversified energy player. It underscores the growing investor appetite for energy companies that combine profitability with sustainability and a clear path toward net-zero goals.

As energy companies worldwide grapple with the need to shift their portfolios toward cleaner alternatives, Eni’s continued focus on leveraging partnerships to drive its low-carbon ambitions offers a compelling model. The success of Plenitude’s funding and expansion plans could set a precedent for similar ventures in the sector, highlighting how legacy oil and gas companies can innovate and adapt without compromising on value creation or financial health.