Eni’s head office in Rome
Image: Trolvag, Wikimedia Commons, CC BY-SA 3.0
ENI has agreed to sell an interest of 20% in the Genewable Energy Unit of the Ares Management Alternative Credit, which is part of the American investment firm Ares Management. The purchase price was set at around € 2 billion.
“The transaction is based on a share value of the abundance of € 10 billion, corresponding to a business value of more than € 12 billion,” ENI said in a statement. “The agreement with Ares is part of ENI’s development of its satellite model and follows the acquisition of an interest of 10% in Plenitude’s share capital by the Investment Fund Energy Infrastructure Partners.”
ENI added that the transaction is currently approved by relevant authorities, without announcing further details.
There has been abundant creation In 2021 to invest in the renewable energy sector in Italy and abroad by ENI and Italian sovereine power fund Cassa Depositi e Prestiti Equity (CDP-own capacity), which is managed by the government-run Italian investment bank Cassa Depositi.
According to the company’s website, Plenitude currently has 4 GW of renewable capacity and is planning to use another 4 GW in 2027.
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