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Eni Sells 20% Stake in Plenitude to Ares in 2 Billion Euro Deal
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Key Takeaways
E is selling a 20% stake in Plenitude to Ares for 2 billion euros.
The deal supports the satellite model of Eni to grow low-carbon businesses with long-term partners.
Plenitude plans to grow renewable capacity to 10 GW and expand beyond 11M customers by 2028.
Italian energy major Eni S.p.A. (E - Free Report) has signed a landmark agreement to sell a 20% stake in its multi-energy unit Plenitude to Ares Management Alternative Credit funds for approximately €2 billion. According to the company, the deal values Plenitude at €10 billion on an equity basis and over €12 billion in enterprise value, marking a milestone in Eni’s strategy to unlock value from its satellite businesses.
The transaction, still subject to regulatory approvals, introduces Ares as the second major external investor in Plenitude, following the earlier 10% acquisition by Energy Infrastructure Partners. Ares Management Corporation (ARES - Free Report) is a globally recognized alternative investment firm with around $546 billion in assets under management as of March 31, 2025.
Plenitude’s Growing Appeal Amid Energy Transition
Plenitude operates in more than 15 countries, combining over 4 GW of renewable power generation, energy retail, and EV charging infrastructure. It currently serves more than 10 million customers and manages 21,500 EV charging points across Europe. By 2028, it aims to ramp up renewable capacity to 10 GW and expand its customer base beyond 11 million.
Plenitude CEO Stefano Goberti views the transaction as a strong validation of the company’s integrated strategy, which balances economic performance with environmental sustainability and positions it for long-term relevance in the evolving energy sector. Stefano Questa, partner and co-head of European Alternative Credit at Ares, emphasized Plenitude’s leading role in the energy transition, highlighting its unique business model and consistent record of growth and profitability.
Strategic Fit for Eni’s Satellite Model
The deal forms part of Eni’s broader strategy to scale and partially monetize its high-growth, low-carbon businesses through its satellite model, which aims to attract long-term partners while supporting decarbonization goals.
Francesco Gattei, Eni’s Chief Transition & Financial Officer, highlighted that the agreement reflects the strong market confidence in Plenitude’s business model and marks the addition of a major international partner to support the company’s next phase of growth.
The proceeds from the stake sale are expected to support Eni’s continued investments in energy transition while enhancing Plenitude’s financial flexibility for global expansion.
E’s Zacks Rank & Key Picks
E currently carries a Zack Rank #4 (Sell).
Investors interested in the energy sector may look at a couple of better-ranked stocks like Subsea 7 S.A. (SUBCY - Free Report) and Oceaneering International, Inc. (OII - Free Report) . Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.
The Zacks Consensus Estimate for OII’s 2025 EPS is pegged at $1.79. The company has a Value Score of B.
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Eni Sells 20% Stake in Plenitude to Ares in 2 Billion Euro Deal
Key Takeaways
Italian energy major Eni S.p.A. (E - Free Report) has signed a landmark agreement to sell a 20% stake in its multi-energy unit Plenitude to Ares Management Alternative Credit funds for approximately €2 billion. According to the company, the deal values Plenitude at €10 billion on an equity basis and over €12 billion in enterprise value, marking a milestone in Eni’s strategy to unlock value from its satellite businesses.
The transaction, still subject to regulatory approvals, introduces Ares as the second major external investor in Plenitude, following the earlier 10% acquisition by Energy Infrastructure Partners. Ares Management Corporation (ARES - Free Report) is a globally recognized alternative investment firm with around $546 billion in assets under management as of March 31, 2025.
Plenitude’s Growing Appeal Amid Energy Transition
Plenitude operates in more than 15 countries, combining over 4 GW of renewable power generation, energy retail, and EV charging infrastructure. It currently serves more than 10 million customers and manages 21,500 EV charging points across Europe. By 2028, it aims to ramp up renewable capacity to 10 GW and expand its customer base beyond 11 million.
Plenitude CEO Stefano Goberti views the transaction as a strong validation of the company’s integrated strategy, which balances economic performance with environmental sustainability and positions it for long-term relevance in the evolving energy sector. Stefano Questa, partner and co-head of European Alternative Credit at Ares, emphasized Plenitude’s leading role in the energy transition, highlighting its unique business model and consistent record of growth and profitability.
Strategic Fit for Eni’s Satellite Model
The deal forms part of Eni’s broader strategy to scale and partially monetize its high-growth, low-carbon businesses through its satellite model, which aims to attract long-term partners while supporting decarbonization goals.
Francesco Gattei, Eni’s Chief Transition & Financial Officer, highlighted that the agreement reflects the strong market confidence in Plenitude’s business model and marks the addition of a major international partner to support the company’s next phase of growth.
The proceeds from the stake sale are expected to support Eni’s continued investments in energy transition while enhancing Plenitude’s financial flexibility for global expansion.
E’s Zacks Rank & Key Picks
E currently carries a Zack Rank #4 (Sell).
Investors interested in the energy sector may look at a couple of better-ranked stocks like Subsea 7 S.A. (SUBCY - Free Report) and Oceaneering International, Inc. (OII - Free Report) . Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.
The Zacks Consensus Estimate for OII’s 2025 EPS is pegged at $1.79. The company has a Value Score of B.