In a move underscoring growing investor appetite for energy transition assets, Ares Management acquires 20% stake in Plenitude, a subsidiary of Eni, for approximately €2 billion. The transaction values Plenitude at over €12 billion and marks one of the largest private investments in Europe’s green energy sector this year.
Pending regulatory clearance, the deal will see Ares Alternative Credit, a division of the New York-listed Ares Management Corporation, take a significant minority position in a business at the forefront of renewables and electric mobility.
Plenitude: A Scalable Energy Transition Platform
Founded and operated under Italy’s energy major Eni, Plenitude has become a cornerstone in Europe’s decarbonisation strategy. The company operates in over 15 countries, managing more than 4 GW of renewable energy capacity and serving over 10 million retail clients.
Moreover, Plenitude boasts one of the largest EV charging networks in Europe, with over 21,500 points installed to date, highlighting its ambition to integrate green power generation with end-consumer solutions.
Strategic Fit for Ares’ Alternative Credit Platfor
According to Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares, the acquisition exemplifies the firm’s ability to deliver flexible, asset-backed capital across diversified sectors. “This investment draws upon Ares’ strengths in renewable infrastructure and structured finance,” Holsinger stated, noting that Plenitude aligns with the firm’s long-term value creation strategy.
Stefano Questa, who co-leads Ares’ European Alternative Credit division, added: “Plenitude is not only a market leader but a visionary operator redefining the clean energy space. We’re proud to support its growth trajectory.”
A Vote of Confidence in Plenitude’s Vision
Stefano Goberti, CEO of Plenitude, welcomed Ares’ entry as a shareholder, framing the deal as “a strong endorsement of our strategic vision that combines economic viability with environmental sustainability.”
Goberti emphasised that Ares’ involvement supports the company’s mission to scale sustainably, noting that the partnership strengthens its ability to accelerate clean energy development while delivering consistent returns.
ESG and Global Commitment
The transaction also reflects Ares Management’s ongoing commitment to impact investing. Ares Alternative Credit manages $42.9 billion in assets (as of March 2025), spanning sectors from lender finance to royalties. Importantly, the firm donates a portion of its performance fees from its Pathfinder funds to global health and education causes, aligning capital deployment with positive societal outcomes.
Industry Implications
This transaction sets a precedent for future collaborations between private capital providers and vertically integrated green energy operators. It also reinforces investor confidence in high-growth, ESG-aligned energy platforms capable of scaling renewables and EV infrastructure simultaneously.
