The American fund manager Ares Management Corporation, through its Alternative Credit funds, has reached an agreement to purchase 20% of Plenitude’s capital from the Italian energy giant Eni, for an amount approaching 2 billion euros, based on an overall valuation of 10 billion euros.
Conditions and validation of the transaction
Completion of the transaction remains subject to customary regulatory approvals by the competent authorities. The valuation of the Italian company corresponds to an enterprise value exceeding 12 billion euros. This entry by Ares Management follows that of Energy Infrastructure Partners, an existing shareholder holding 10% of Plenitude’s capital from a previous transaction. The company thus continues diversifying its investor base to support its integrated business model.
Ares Management’s entry strengthens Plenitude’s business model, built around renewable energy production, energy sales and services to households and businesses, as well as management of a network of charging stations for electric vehicles. This integrated strategy has enabled the company to achieve today renewable energy production capacity exceeding 4 gigawatts (GW) across more than 15 countries.
Statements from executives
Plenitude CEO Stefano Goberti stated on this occasion: “I am pleased to welcome Ares, one of the leading global investment funds, as a new shareholder in Plenitude. This transaction further validates the relevance of our strategic model integrating economic and environmental sustainability.” He added that the arrival of Ares Management “marks an important new step” in the company’s development.
Stefano Questa, Partner and Co-Head of European Alternative Credit at Ares, stated that “Plenitude is an established leader in the energy transition with a differentiated business model and solid growth trajectory.” He expressed willingness to support the management team and Eni in achieving their financial objectives.
Growth outlook
By 2028, Plenitude targets an installed renewable energy capacity of 10 GW and aims to expand its customer base to more than 11 million subscribers. Currently, the company has around 10 million customers and operates a network of about 21,500 electric charging stations across Europe.
Founded in the United States, Ares Management Corporation holds a global portfolio of assets under management totalling around $546bn as of 31 March 2025. With operations notably in North America, Europe, and the Asia-Pacific region, the company offers diverse investment solutions across credit, real estate, private equity, and infrastructure asset classes.
