Prior notification of a concentration (Case M.12190 – PLENITUDE / SG INVESTOR / JV) – Candidate case for simplified procedure
Date: 2026-01-19
Institutions: Directorate-General for Competition, European Commission
Subjects: banking, economic concentration, electrical energy, electricity storage device, energy production, financial services, joint venture, merger control, retail selling, soft energy








C_202600397EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/397


19.1.2026






Prior notification of a concentration
(Case M.12190 – PLENITUDE / SG INVESTOR / JV)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/397)


1.   
On 9 January 2026, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Eni Plenitude S.p.A. Società Benefit (‘Plenitude’, Italy), controlled by Eni S.p.A. (‘Eni’, Italy),










—


Vulturno Investments S.A. (‘SG Investor’, Spain) controlled by Société Générale S.A. (France).




Plenitude and SG Investor will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of a greenfield joint venture (‘Target JV’).
The concentration is accomplished by way of purchase of shares in a newly created company constituting a joint venture.


2.   
The business activities of the undertakings concerned are the following:






—


Plenitude is a company active in the production of electricity from renewable sources, in the retail sale of electricity and natural gas to both domestic and non-domestic customers, in the electric mobility sector, and in the provision of energy efficiency services,










—


Société Générale is a company active in global banking and financial services globally.






3.   

The business activities of the Target JV will be the following: pursue and execute growth opportunities in renewable energy, accelerate the deployment of utility scale solar, onshore wind and battery storage across Italy, Greece, Spain, France, Portugal, the UK and Germany (with potential expansion to other OECD markets).



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2), it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12190 – PLENITUDE / SG INVESTOR / JV
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2026/397/oj
ISSN 1977-091X (electronic edition)