Ares Management Corporation, an alternative investment manager, announced that it has entered into a definitive agreement to acquire a 20% stake in Plenitude, an energy transition company controlled by Eni, for approximately €2 billion (~$2.3 billion) through Ares Alternative Credit funds.
The acquisition values Plenitude at over €12 billion (~$14 billion), and the deal is subject to regulatory approvals.
Plenitude is reported to have operations in over 15 countries, encompassing more than 4 GW of renewable energy generation, as well as retail and energy solutions. The company also manages a network of 21,500 charging points for electric vehicles.
“This transaction underscores the strength of the Ares platform, which leverages experience across its diversified businesses, including asset-based finance and renewables infrastructure, to deliver flexible capital at scale. We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact,” said Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares.
Ares Alternative Credit is an investor in asset-based finance, managing approximately $42.9 billion in assets as of March 31, 2025. The team is said to invest across the capital structure and seeks opportunities in large, diversified portfolios across various sectors.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A report, a total of 19 solar corporate M&A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&A transactions in Q1 2024.
In May, Macquarie Asset Management, a global asset manager, via its managed funds, acquired the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power. Previously, the company had acquired the initial 50% stake in Island Green Power, and this transaction increased the stake to 100%. The founders of Island Green Power will retain full ownership of the company’s international business.
