Ares Management has signed a definitive agreement to acquire a 20% stake in Plenitude, the energy transition arm of Italian energy giant Eni, in a transaction valued at approximately €2bn.

The deal implies an enterprise value exceeding €12bn for Plenitude and remains subject to customary regulatory approvals.

The investment is being made through Ares’ Alternative Credit funds and underscores the firm’s growing focus on large-scale, impact-driven energy infrastructure across Europe.

Plenitude operates in over 15 countries and integrates renewable energy generation, energy retail, and electric mobility solutions under one platform. The company currently manages over 4GW of renewable capacity, serves more than 10 million customers, and operates a network of 21,500 EV charging points.

“This transaction underscores the strength of the Ares platform, which leverages deep expertise across asset-based finance and renewable infrastructure to deliver flexible capital at scale,” said Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares.

Stefano Questa, Partner and Co-Head of European Alternative Credit, added: “Plenitude is an established leader in the energy transition with a strong track record, and we’re delighted to support its next phase of growth.”

Stefano Goberti, CEO of Plenitude, welcomed Ares as a long-term shareholder, stating that the investment affirms the company’s integrated strategy that balances economic performance with environmental sustainability.

The move builds on Ares’ broader push into high-grade capital solutions, with over $100bn in bespoke investments deployed since 2020. Its Alternative Credit strategy currently manages $42.9bn across asset-focused sectors, including renewables, specialty finance, equipment leasing, and structured products.

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