BAKU, Azerbaijan, June 23. Eni has agreed to sell a 20% stake in its energy transition subsidiary Plenitude to funds managed by Ares Management's Alternative Credit division, Trend reports.
The deal, valued at approximately 2 billion euros, implies a 10 billion euro equity valuation for Plenitude and an enterprise value exceeding 12 billion euros.
This latest transaction marks another step in Eni’s strategy to develop its so-called “satellite model,” in which high-potential businesses are spun off to attract external capital and accelerate growth. The agreement with Ares follows the earlier sale of a 10% stake in Plenitude to Energy Infrastructure Partners.
Plenitude, founded in recent years as part of Eni’s broader decarbonization plan, integrates renewable energy production, energy retail services, and electric mobility. The company plays a key role in Eni’s efforts to reduce Scope 3 emissions and reach net zero.
“The agreement announced today underscores the strong appeal of Plenitude’s business model,” said Francesco Gattei, Chief Transition & Financial Officer of Eni. “Today, we welcome a new international leading partner who will support Plenitude in its significant future growth.”
The transaction is subject to regulatory approval from relevant authorities.