Key Takeaways
- • Ares Alternative Credit funds agreed to acquire a 20% minority stake in Plenitude, the energy transition company controlled by Eni, for approximately €2 billion, per Ares' Business Wire announcement.
- • The consideration implies an enterprise value for Plenitude of over €12 billion, with completion subject to customary regulatory approvals.
- • Plenitude operates in more than 15 countries with over 4 GW of renewable generation, serves more than 10 million customers, and runs a network of 21,500 EV charging points.
- • The deal extends Ares Alternative Credit's asset-based finance platform, which managed approximately $42.9 billion as of March 31, 2025, into energy transition equity.
Summary
Ares Management Corporation (NYSE: ARES) announced that its Ares Alternative Credit funds have entered into a definitive agreement to acquire a 20% stake in Plenitude, an energy transition business controlled by Eni, for approximately €2 billion. According to the announcement, the consideration implies an enterprise value for Plenitude of over €12 billion. Completion of the transaction is subject to customary regulatory approvals.
Plenitude operates in more than 15 countries and combines over 4 GW of renewable energy production with retail and energy solutions. The company serves more than 10 million customers and manages 21,500 electric vehicle charging points. Stefano Goberti, Plenitude's CEO, said the investment endorses the company's integrated model, which combines economic and environmental sustainability, and described Ares' entry as a marker of the progression of Plenitude's value.
Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares, said the transaction reflects the strength of the Ares platform, which draws on its asset-based finance and renewables infrastructure businesses to deliver flexible capital at scale. Stefano Questa, Partner and Co-Head of European Alternative Credit, described Plenitude as an established leader in energy transition with a differentiated business model and a strong track record.
The Ares Alternative Credit strategy, which invests across the capital structure in large, diversified portfolios including specialty finance, equipment leasing, structured products and net lease, managed approximately $42.9 billion as of March 31, 2025. Ares Management Corporation reported approximately $546 billion in total assets under management on the same date.
Plenitude operates in more than 15 countries and combines over 4 GW of renewable energy production with retail and energy solutions. The company serves more than 10 million customers and manages 21,500 electric vehicle charging points. Stefano Goberti, Plenitude's CEO, said the investment endorses the company's integrated model, which combines economic and environmental sustainability, and described Ares' entry as a marker of the progression of Plenitude's value.
Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares, said the transaction reflects the strength of the Ares platform, which draws on its asset-based finance and renewables infrastructure businesses to deliver flexible capital at scale. Stefano Questa, Partner and Co-Head of European Alternative Credit, described Plenitude as an established leader in energy transition with a differentiated business model and a strong track record.
The Ares Alternative Credit strategy, which invests across the capital structure in large, diversified portfolios including specialty finance, equipment leasing, structured products and net lease, managed approximately $42.9 billion as of March 31, 2025. Ares Management Corporation reported approximately $546 billion in total assets under management on the same date.
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