Eni reorganises Plenitude ownership, prompting deconsolidation
- Non‑proportional capital increase of ~€1.5bn (Ares ≥€1bn) on a €10.75bn pre‑money equity valuation (implied EV €13.1bn).
- Post‑transaction Eni will hold ~65% and Plenitude will be under joint control with Ares, prompting deconsolidation from Eni’s financial statements.
- Proceeds will back organic and inorganic growth to 15 GW and 15 million retail customers by 2030, support pursuit of an investment‑grade rating, and the deal is subject to regulatory approvals.
Deal summary
Eni has initiated a reorganization of Plenitude's shareholding with Ares Management Alternative Credit funds and Energy Infrastructure Partners to establish joint control between Eni and Ares and deconsolidate Plenitude from Eni's financial statements.
Financial terms
The transaction features a non‑proportional capital increase of approximately €1.5 billion, with at least €1 billion expected from Ares, based on a 100% pre‑money equity valuation of €10.75 billion (implied enterprise value €13.1 billion).
Governance and ownership
After the capital increase Eni expects to hold an equity stake of close to 65% and to continue exercising direction and coordination rights under Article 2497 of the Italian Civil Code, in a manner compatible with the newly established joint control agreement with Ares.
Targets and approvals
Proceeds are intended to strengthen Plenitude's capital structure and support organic and inorganic growth toward 15 GW installed capacity and 15 million retail customers by 2030; Plenitude is also pursuing an investment‑grade credit rating and the transaction remains subject to regulatory and other approvals.
Source: Eni