Ares Management has committed at least €1bn as part of a €1.5bn capital increase for Plenitude, a renewable energy platform now valued at €13.1bn. The transaction establishes joint control between Eni and Ares, leading to Plenitude's deconsolidation from Eni's financial statements. Eni is expected to retain a 65% stake while retaining coordination rights under the new governance structure.

This deal underscores private equity's growing role in energy transition platforms, with Plenitude targeting 15 GW of installed capacity and 15 million retail customers by 2030. The additional capital will support both organic growth and potential acquisitions as the company seeks to scale operations and achieve an investment-grade credit rating.