New Delhi, June 23 -- Italian energy group Eni SpA has sold a 20 per cent holding in its renewable business Plenitude to Ares, a US-based alternative credit management firm

The deal is set at about $2.3 billion, marking the holding company's second sale of a stake in the unit, reported Bloomberg.

The transaction is based on the value of Plenitude's equity shares, which is around $11.4 billion. The enterprise value stood at more than $13.7 billion, the renewable business said in a statement.

Eni said in May it was in exclusive talks with the company over the sale, the news agency said.

"The valuation of Plenitude has positive implications for the stock as it allows further value to be unlocked in one of Eni's satellites," reported Bloo...