Eni SpA’s renewables arm Plenitude has completed its acquisition of power and gas utility Acea Energia SpA, part of Italy’s Acea SpA.

State-backed Eni has now also acquired a 50 percent stake in Umbria Energy SpA, which also supplies electricity and gas in Italy.

“Plenitude will gain approximately 1.2 million customers as part of the deal, which was approved by the regulatory authorities”, a joint statement said. “Vulnerable electricity customers are excluded from the scope of the deal and will continue to be managed within the Acea Group”.

The acquisitions were priced EUR 500 million ($590 million).  “An additional potential price component of up to EUR 100 million will be granted to Acea based on operating performance to be assessed as of 30 June 2027”, the statement said.

Acea chief executive Fabrizio Palermo said in the initial announcement of the agreement December 3, 2025., “This transaction will allow us to reinvest in infrastructure, innovation and sustainability and in the development of regulated businesses, generating a positive impact on the group’s growth and results”.

Plenitude now counts over 11 million customers, as well as manages a network of 23,000 electric vehicle charging points, according to Eni. It has set a target of 15 million Plenitude customers by 2030.

As of yearend 2025 Eni had a declared renewable capacity of 5.8 GW. Eni aims to raise that to 15 GW by 2030.

As part of its 2026-30 plan Eni is reorganizing Plenitude’s shareholding structure. The reorganization allows for joint control of Plenitude between Eni and partner Ares Management Corp, ” resulting in the deconsolidation of Plenitude from Eni’s financial statements”, Eni said in a statement.

“The transaction involves a non-proportional capital increase to be subscribed to by the shareholders amounting to approximately EUR 1.5 billion, of which at least EUR 1 billion is expected to be provided by Ares, based on a 100 percent pre-money equity valuation of Plenitude of EUR 10.75 billion (and an implied enterprise value of EUR 13.1 billion).

“Following the capital increase, Eni anticipates holding an equity stake of close to 65 percent, and expects to continue exercising direction and coordination rights over Plenitude (known as ‘direzione e coordinamento’ under Article 2497 of the Italian Civil Code), in a manner compatible with the newly established joint control agreement with Ares.

“The capital increase is designed to strengthen Plenitude’s capital structure, supporting its growth targets organically and inorganically, including with respect to an installed capacity of 15 gigawatts and 15 million retail customers by 2030”.

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