Ares Management Alternative Credit funds, affiliates of the alternative investment manager Ares Management, have agreed with Eni to acquire a 20% interest in Eni’s subsidiary, Plenitude, for €2bn ($2.

Eni (NYSE:E) said Monday it agreed to sell a 20% stake in its Plenitude renewable energy unit to Ares Management's (ARES) alternative credit arm for ~€2B ($2.3B), its second sale of a stake in the unit.

Italian energy group Eni has sold a 20% stake in its retail and renewables business Plenitude to U.S. alternative investment manager Ares Management Corp for about 2 billion euros ($2.3 billion), it said on Monday.