Eni Is Said to Discuss €13 Billion Valuation for Plenitude

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Solar panels at a solar farm near Chesterfield, UK, on Monday, May 20, 2024. Regulator Ofgem are due to announce thier latest energy price cap levels on May 24. Photographer: Dominic Lipinski/Bloomberg

Eni SpA is discussing a potential valuation of as much as €13 billion ($14 billion) including debt for its Plenitude renewables arm as it gathers bids for a stake in the business, people familiar with the matter said.

The Italian energy group has received initial expressions of interest in a 15% stake in the unit which value Plenitude at between €12 billion and €13 billion, said the people, who asked not to be named as discussions aren’t public.

Eni owns about 90% of the renewables unit after earlier this week completing the sale of a 10% stake to Energy Infrastructure Partners in a deal that valued Plenitude at around €10 billion including debt. 

Final bids for the latest sale could come in the coming weeks, said the people. Plenitude is attracting initial interest from suitors including Apollo Global Management Inc., Ares Management Corp. and Stonepeak, the people said. Deliberations are ongoing and the shape of a potential deal could still change, they said.

Representatives for Eni, Stonepeak and Ares each declined to comment. A representative for Apollo did not immediately reply to a request for comment. 

The sale of a minority holding in Plenitude is part of a broader plan by Italy’s biggest energy company to dispose of stakes in some of its businesses while retaining control. Eni has said it expects to continue to receive expressions of interest in Plenitude and plans to eventually sell up to 30%.

The aim of the stake sale program is to extract value while gradually cashing out of hydrocarbon-related activities. The plan also includes selling stakes in biorefining and mobility arm Enilive, where US-based KKR & Co. Inc. bought a 25% holding earlier this year.

Milan-based Plenitude was set up to pool oil and gas major Eni’s energy retailing and renewables businesses. Initial plans for a listing were put on hold, with the company citing market conditions.

The unit reported profit of more than €1 billion last year and forecast more than €2.5 billion for 2030 in its strategic plan.  

(Update with Ares declining to comment in fifth paragraph.)

©2025 Bloomberg L.P.

By Alberto Brambilla , Antonio Vanuzzo

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