Plenitude has completed the sale of a 20% stake to Ares Alternative Credit funds for €2bn, based on an equity valuation of €10bn and enterprise value of over €12bn.
The deal, first announced in June, has cleared regulatory approvals and adds Ares to Plenitude’s shareholder base alongside Eni and Energy Infrastructure Partners.
Stefano Goberti, Plenitude chief executive, said: “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. We are confident that, together, we will continue to pursue our shared growth path with determination”.
Stefano Questa, partner and co-head of European alternative credit at Ares, said the investor looks forward to “partnering with Stefano and the rest of the Plenitude and Eni teams for the next chapter of growth”.
Plenitude operates in more than 15 countries and integrates 4.8GW of renewables, energy retail, and EV charging, serving 10m customers and managing over 22,000 public chargers. The company aims to reach 10GW of renewable capacity by 2028.