Ares Management Corporation closed a €2 billion purchase of a 20 % stake in Plenitude on November 4, 2025, valuing the renewable‑energy operator at an implied enterprise value of more than €12 billion.
Plenitude operates in over 15 countries, generates 4.8 GW of renewable power, serves 10 million customers, and runs a network of more than 22,000 public electric‑vehicle charging points. The company plans to expand its renewable capacity to 10 GW by 2028, positioning it as a key player in Europe’s energy‑transition trajectory.
The investment gives Ares direct exposure to renewable generation and EV infrastructure, aligning with the firm’s strategic focus on energy‑transition assets and ESG‑aligned opportunities. It also complements Ares’ recent acquisition of GCP International, a $3.7 billion deal expected to close in the first half of 2025, and broadens the firm’s footprint in digital infrastructure and renewable assets while creating new fee‑income streams from Plenitude’s operations.
"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. Stefano Questa, Partner and Co‑Head of European Alternative Credit, added, "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." Stefano Goberti, CEO of Plenitude, noted, "Today, Ares officially joins Plenitude’s shareholder base, alongside Eni and Energy Infrastructure Partners. The arrival of a new investor further confirms the appeal of our distinctive business model and highlights the value we have built over time."
Ares has deployed over €4 billion in Italy and other European markets over the past two decades, and the Plenitude stake represents a continuation of its disciplined deployment of dry powder into high‑quality, asset‑focused businesses that generate recurring fee income and long‑term growth potential. The opening of Ares’ Milan office in May 2025 underscores the firm’s deepening presence in Southern Europe, while the Plenitude investment aligns with Eni’s “satellite strategy” to monetize its renewable assets through strategic partners.
The deal signals Ares’ commitment to renewable infrastructure and positions it as a key player in Europe’s energy transition. By combining renewable generation, EV charging, and retail energy sales, Plenitude offers a diversified platform that complements Ares’ broader strategy of investing in infrastructure assets that deliver stable, fee‑based cash flows.
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