The Ares Alternative Credit strategy manages approximately $42.9 billion in assets across a variety of sectors, including finance, equipment leasing, structured products and cash flow streams such as royalties or licensing. (Source: Shutterstock)
Investment manager Ares Management Corp. is acquiring a 20% stake in Eni’s Plenitude for approximately US$2.29 billion (2 billion euros) through Ares Alternative Credit funds, according to a June 23 press release.
Plenitude is a renewable energy production and sales company managing over 21,500 electric vehicle charging points throughout Europe. The transaction implies Plenitude has a US$13.76 billion (12 billion euro) enterprise value.
The Ares Alternative Credit strategy manages approximately $42.9 billion in assets across a variety of sectors, including finance, equipment leasing, structured products and cash flow streams such as royalties or licensing.
Plenitude currently operates over 4 gigawatts (GW) of renewable energy production and is aiming to reach 10 GW of installed renewable capacity by 2028.
“We are delighted to support Plenitude in delivering its financial and impact goals, and we look forward to partnering with its management team and Eni in this exciting new chapter,” said Stefano Questa, partner and co-head of European alternative credit at Ares.
The deal follows Energy Infrastructure Partners’ deal to buy a 10% stake in Plenitude for 800 million euros (US$917.53 million).
“I am pleased to welcome Ares, one of the world's leading investment funds, as a new shareholder in Plenitude,” said Plenitude CEO Stefano Goberti. “The deal is a further endorsement of the quality of our strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector.”
Eni is also currently selling its biofuels unit Enilive to investment firm KKR for approximately US$3.17 billion (2.94 billion euros).
Eni had said it was working to strengthen its capital structure and lower debt in March when its deal with KKR was first announced.
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