A circuit arrangement for operating at least one inductive load, for example a solenoid of a fuel injection valve, is configured to feed back electrical energy into a storage capacitor in a freewheeling phase after driving the load. In order to avoid an unwanted voltage increase on the capacitor, the circuit arrangement includes a DC/DC converter with the output-side storage capacitor to provide an operating voltage for the load. A drivable circuit arrangement optionally connects the load to the capacitor, and a freewheeling diode arrangement feeds back electrical energy into the capacitor after the circuit arrangement has been switched off. A protection circuit, which is connected in parallel with the capacitor, provides a current path for limiting the charging voltage on the capacitor in the event of an excessively high voltage on the capacitor.