Ares Management Acquires 20% Stake in Eni’s Plenitude for €2 Billion, Strengthening Commitment to the Global Energy Transition
Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, today announced that funds managed by its Ares Alternative Credit strategy (“Ares Alternative Credit”), together with other affiliated Ares funds, have successfully completed the acquisition of a 20% equity interest in Plenitude, a leading European energy transition company controlled by Eni S.p.A., for €2 billion. The transaction implies an enterprise value of more than €12 billion, underscoring Plenitude’s strong growth trajectory and its central role in advancing sustainable energy solutions globally.
This strategic investment reflects Ares’ continued commitment to providing innovative capital solutions that support the transition toward clean, renewable energy while generating long-term value for investors and partners. For Eni and Plenitude, the new partnership marks an important milestone in accelerating their expansion strategy across renewable energy generation, electric mobility, and integrated energy services.
A Strategic Partnership for the Future of Energy
Founded as a key pillar of Eni’s decarbonization strategy, Plenitude integrates renewable energy generation, electricity and gas retail operations, and electric vehicle (EV) charging infrastructure into one cohesive business model. With operations in more than 15 countries, Plenitude manages approximately 4.8 gigawatts (GW) of renewable generation capacity, serves 10 million customers, and oversees a growing network of over 22,000 public EV charging points across Europe.
The company’s mission is to deliver reliable, sustainable, and accessible energy solutions that enable the global transition to a low-carbon economy. By 2028, Plenitude aims to expand its renewable capacity to 10 GW, further strengthening its position as one of Europe’s leading energy transition platforms.
Ares’ Longstanding Commitment to European and Italian Markets
Ares Management has been an active and trusted partner in the Italian and broader European financial landscape for more than two decades. Over this period, the firm has deployed over €4 billion across a wide range of businesses and assets in Italy, providing flexible capital to support strategic growth, innovation, and transformation.
In May 2025, Ares further deepened its European footprint with the opening of a new office in Milan, reinforcing its commitment to supporting local enterprises, infrastructure projects, and energy transition initiatives. The Milan office is expected to serve as a regional hub for Ares’ Alternative Credit platform, enabling closer collaboration with partners, investors, and portfolio companies throughout Southern Europe.
Leaders’ Perspectives: A Shared Vision for Growth and Sustainability
In announcing the closing of the transaction, Ares leaders emphasized the partnership’s alignment with the firm’s long-term strategy of investing in high-quality, asset-backed businesses with strong sustainability credentials.
This closing underscores the Ares platform’s ability to deliver flexible capital at scale to high-quality, asset-focused businesses,” said Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares. “We are excited to support Eni and Plenitude in their next phase of growth and to contribute to their mission of leading Europe’s clean energy transformation.”
Similarly, Stefano Questa, Partner and Co-Head of European Alternative Credit at Ares, highlighted the collaborative spirit of the investment:
We are pleased to complete our investment in Plenitude and look forward to partnering with Stefano and the rest of the Plenitude and Eni teams in this next chapter of growth. Together, we aim to drive innovation, scale, and financial resilience in one of Europe’s most important energy transition platforms.”
From Plenitude’s perspective, the addition of Ares as a shareholder represents a strong vote of confidence in its integrated model and future potential.
Today, Ares officially joins Plenitude’s shareholder base, alongside Eni and Energy Infrastructure Partners,” said Stefano Goberti, CEO of Plenitude. “The arrival of a new investor further confirms the appeal of our distinctive business model and highlights the value we have built over time. We are confident that, together, we will continue to pursue our shared growth path with determination.”
Advancing the Energy Transition Through Strategic Capital and Expertise
Plenitude’s business model reflects a holistic approach to the energy transition—combining renewable generation, customer-centric energy services, and digital solutions to create a fully integrated clean energy ecosystem. The company’s rapid growth is underpinned by strong industrial capabilities, advanced technological integration, and a commitment to environmental and social sustainability.
Through this transaction, Ares will provide not only financial backing but also strategic expertise, leveraging its extensive global network and experience across infrastructure, asset-based finance, and sustainable investment. The partnership is expected to accelerate Plenitude’s ability to develop new renewable energy projects, expand its customer base, and strengthen its EV infrastructure across Europe.
For Ares, this investment aligns with its broader Environmental, Social, and Governance (ESG) framework and reflects its philosophy of combining positive impact with strong financial performance. By investing in companies that are advancing the global clean energy transition, Ares aims to generate measurable environmental benefits while supporting stable, long-term returns for investors.
About Ares Alternative Credit
Ares Alternative Credit represents one of the largest and most diversified private credit platforms in the world, with approximately $46.7 billion in assets under management as of September 30, 2025. The platform invests across the capital structure in a wide range of sectors, including infrastructure, energy, real assets, and specialty finance.
The team’s strategy focuses on asset-based financing, providing tailored capital solutions that meet the evolving needs of global companies while maintaining strong risk-adjusted returns. Ares Alternative Credit’s disciplined investment approach and diversified portfolio have positioned it as a trusted partner for institutional investors seeking exposure to stable, income-generating assets with sustainable growth potential.
Reflecting its commitment to social impact, Ares and its portfolio managers have pledged to donate a portion of the performance fees from the Pathfinder family of funds to support global health, education, and community development initiatives. This philanthropic commitment aligns with Ares’ broader mission to create shared value for investors, employees, and society at large.
Plenitude: Powering a Sustainable Future
Plenitude’s ambition to double its renewable generation capacity by 2028 is supported by a robust project pipeline and strategic partnerships across multiple markets. The company’s energy generation portfolio currently spans solar, wind, and hybrid technologies, with projects operating in key regions including Italy, Spain, France, Norway, and the United States.
In addition to its renewable energy generation, Plenitude is investing heavily in expanding its EV charging infrastructure—a crucial enabler of Europe’s transition to zero-emission mobility. Its network of 22,000 charging points already represents one of the largest in Europe, and the company aims to continue scaling its digital and service platforms to meet the needs of an increasingly electrified customer base.
By integrating clean energy generation, retail energy sales, and innovative energy solutions under one platform, Plenitude offers a unique, future-ready business model that bridges industrial strength with customer-oriented agility. The company’s approach not only contributes to reducing carbon emissions but also enhances energy security, efficiency, and affordability for millions of households and businesses.
A Milestone for Sustainable Investment
The acquisition of a 20% stake in Plenitude represents a major step forward for Ares Management’s strategy to invest in essential, future-oriented assets that advance sustainability and resilience in the global economy. The partnership between Ares, Eni, and Plenitude exemplifies how leading investors and industrial partners can work together to finance the energy transition at scale.
As the world continues to confront the dual challenges of climate change and energy security, collaborations like this demonstrate the critical role of private capital in building a cleaner, more sustainable future.
Through this transaction, Ares reaffirms its position as a global leader in alternative investment—committed to empowering companies that drive innovation, create long-term value, and contribute meaningfully to a low-carbon world.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation’s global platform had over $596 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East
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