Italian energy company Eni has entered exclusive negotiations with Ares Alternative Credit Management to sell 20% of its subsidiary Plenitude, which focuses on renewable energy, electric vehicle charging stations, and power and gas retail. The deal is based on an enterprise valuation of more than $13bn, including debt, according to Oilprice.com on May 15.
A satellite strategy in full execution
Plenitude is a core component of Eni’s so-called “satellite” strategy, which involves creating autonomous operational units in areas such as renewables, biofuels, and carbon capture, and then selling minority stakes to strategic partners. In March 2025, Swiss group Energy Infrastructure Partners finalised the acquisition of a total 10% stake in Plenitude across two phases. Meanwhile, US-based fund KKR acquired 30% of Eni’s biofuels division Enilive earlier this year.
The proposed transaction with Ares aligns with this strategic model. Ares Alternative Credit Management, which manages more than $540bn in assets, recently opened a Milan office, signalling growing interest in the Italian market. For the US-based manager, the deal marks a significant move into the European energy transition sector.
Oil investments remain a priority
Despite these partial divestments in its low-carbon activities, Eni has stated its commitment to maintaining robust funding for its oil and gas operations. The Italian company does not intend to fully exit its traditional businesses but rather aims to attract third-party capital to expand its newer divisions.
Simultaneously, Eni confirmed its plan to consolidate its Carbon Capture and Storage (CCS) projects into a dedicated unit by the end of the year. Talks are ongoing with potential investors to structure future partnerships in that space. In upstream operations, Eni is also continuing negotiations with Malaysian company Petroliam Nasional Berhad (Petronas) to establish a joint venture covering assets in Southeast Asia.
