Italian energy group Eni has announced that it has entered exclusive negotiations with Ares Management Corporation’s alternative credit arm over the potential sale of a 20% stake in its low-carbon energy subsidiary, Plenitude.
The proposed transaction would value Plenitude’s equity between €9.8 billion and €10.2 billion (£8.4–£8.8 billion), corresponding to an enterprise value exceeding €12 billion. The move marks another step in Eni’s wider strategy to unlock the value of its clean energy businesses and secure funding for growth by bringing in outside investors, while continuing to support shareholder returns through its legacy oil and gas operations.
Established in 2021, [Plenitude](https://www.esgtoday.com/eni-boosts-decarbonization-targets-merges-renewable-and-retail-businesses/) was formed through the integration of Eni’s renewable energy, retail power and gas supply, and electric mobility units. The company has since grown into a core component of Eni’s energy transition strategy. With more than 4 GW of renewable energy installed capacity currently in operation, Plenitude aims to surpass 10 GW by 2028. The business also supplies gas and electricity to around 10 million customers across six countries, and operates over 21,500 electric vehicle (EV) charging points in eight countries – with a target to expand that network to 40,000 charging stations by 2030.
The announcement follows a previous stake sale in November 2023, when Zurich-based infrastructure investor [Energy Infrastructure Partners (EIP)](https://www.esgtoday.com/eip-raises-investment-in-enis-renewables-power-and-ev-charging-business-plenitude-to-850-million/) acquired a 10% holding in Plenitude, investing a reported €850 million. The stake sale formed part of Eni’s “satellite model” – a strategy designed to attract investment partners into high-growth businesses while allowing Eni to maintain operational control and continue directing capital from upstream oil and gas activity towards dividends and share buybacks.
In a similar divestment, Eni sold a 25% stake in its sustainable mobility unit, Enilive, to private equity firm [KKR](https://www.esgtoday.com/kkr-acquires-3-2-billion-stake-in-enis-sustainable-mobility-business/) earlier this year for $3.2 billion. That deal involved Eni’s biofuels and mobility network, and again reflected the group’s effort to pivot to lower-carbon energy solutions without undermining near-term financial returns.
Ares Management, a global investment firm with approximately $428 billion in assets under management as of December 2023, has increasingly turned its attention towards opportunities in the energy transition. Through its alternative credit platform, Ares finances large-scale infrastructure and growth projects, particularly in renewables and sustainable transport.
Commenting on the negotiations, Eni stated that the current 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”.
The potential agreement with Ares, if finalised, would reinforce investor confidence in the commercial viability of integrated clean energy businesses. It could also add momentum to Eni’s efforts to eventually list Plenitude in a public offering, a move that has been delayed several times amid volatile market conditions.
As competition intensifies in global renewables and clean transport infrastructure, energy majors like Eni are increasingly turning to strategic partnerships to share capital burdens while scaling new technologies. This latest move suggests an ongoing commitment not only to profitability, but also to aligning business models with the European Union’s 2050 net zero targets and strengthening resilience in the face of ongoing energy transition pressures.
