Ares commits €1bn to Plenitude in €13.1bn valuation deal with Eni
Ares Management has committed at least €1bn as part of a €1.5bn capital increase in Plenitude, as the private equity firm strengthens its partnership with Eni in a deal valuing the business at €13.1bn.
The transaction introduces a new governance structure based on joint control between Eni and Ares, resulting in the deconsolidation of Plenitude from Eni’s financial statements.
The capital increase is based on a €10.75bn equity valuation for Plenitude and is designed to reinforce the company’s balance sheet and support future growth.
Eni is expected to retain a stake of around 65% following the transaction, while continuing to exercise direction and coordination rights within the new governance framework.
The deal highlights private equity’s growing role in energy transition platforms, with Plenitude targeting expansion to 15 GW of installed capacity and 15 million retail customers by 2030.
The additional capital will support both organic growth and potential acquisitions, as the company seeks to scale its operations and achieve an investment grade credit rating.
The transaction forms part of Eni’s broader strategy to unlock value from its portfolio through partnership structures, while allocating capital to high-growth energy assets.
The deal remains subject to regulatory and other approvals.
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