Investing.com -- Eni SpA, the Italian energy group, is said to be in discussions regarding a valuation of up to €13 billion ($14 billion) for its Plenitude renewables arm, according to Bloomberg, citing sources familiar with the matter. This valuation includes the company’s debt. The discussions are part of Eni’s efforts to gather bids for a stake in Plenitude.

Initial expressions of interest have been received for a 15% stake in Plenitude, with valuations ranging between €12 billion and €13 billion, the sources revealed. The individuals requested anonymity due to the private nature of these discussions.

The sources indicated that final bids for the current sale could be submitted in the upcoming weeks. Initial interest in Plenitude has been shown by potential suitors such as Apollo Global Management (NYSE: APO ) Inc., Ares Management (NYSE: ARES ) Corp., and Stonepeak. However, discussions are still ongoing and the structure of the potential deal may still evolve, the sources added.

Eni currently holds approximately 90% of the renewables unit. This follows the recent sale of a 10% stake to Energy Infrastructure Partners, a transaction that valued Plenitude at about €10 billion, inclusive of debt.

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