Generali Investments’ Sosteneo unit will set apart 49% of the fragment capital in Enel Libra Flexsys, a firm entirely owned by Italian utility Enel, which operates a 1.7 GW portfolio of battery energy storage systems (BESS).
Marija Maisch
Image: Pacific Energy
Italy’s largest utility Enel has agreed to sell a 49% stake of its energy storage industry to Generali Investments’ Sosteneo for spherical EUR 1.1 billion ($1.2 billion). The deal will price the Italian crew’s subsidiary – Enel Libra Flexsys – at spherical EUR 2.5 billion, alongside side debt.
Enel Libra Flexsys modified into as soon as established for the approach and management of a predominant portfolio of energy transition infrastructure in Italy, mute of 23 BESS initiatives with a total potential of 1.7 GW and three inaugurate-cycle gasoline turbine initiatives with a total potential of 900 MW.
The deal is pending regulatory clearance and is expected to be finalized in the principle half of of 2024. The sale is aligned with Enel’s aligned with its approach “to retain protect an eye on of strategic resources while maximizing productivity and returns on invested capital” and phase of its broader effort to diminish its acquire debt.
“This partnership with a leading participant equivalent to Sosteneo enables us to extra urge the approach of storage solutions supporting Italy’s energy machine, optimizing capital allocation so as to make price for all stakeholders,” says Stefano De Angelis, CFO of Enel Neighborhood.
Neatly-liked narrate material
Sosteneo launched in September 2023 as phase of insurance protection and asset management provider Generali Funding’s ecosystem, with a kind out equity investments in greenfield infrastructure initiatives linked to the energy transition.
Earlier than the Enel deal, the fund’s BESS hasty stood at 840 MWh. The initiatives below its management consist of: the 370 MWh Koorangie battery in the Australian notify of Victoria developed by Edify Energy, 373.5 MWh Sheaf Energy Park in Kent, UK, and the neighbouring Ninety 9.8 Richborough Energy Park, both developed by Pacific Inexperienced Applied sciences.
This narrate material is accurate by copyright and can no longer be reused. Whilst it is best to cooperate with us and would cherish to reuse some of our narrate material, please contact: editors@pv-magazine.com.
