Generali Investments’ Sosteneo system will obtain 49% of the share capital in Enel Libra Flexsys, a business totally owned by Italian energy Enel, which runs a 1.7 GW portfolio of battery energy storage systems (BESS).
Image: Pacific Energy
Italy’s greatest energy Enel has actually accepted offer a 49% stake of its energy storage organization to Generali Investments’ Sosteneo for around EUR 1.1 billion ($1.2 billion). The offer will value the Italian group’s subsidiary– Enel Libra Flexsys– at around EUR 2.5 billion, consisting of financial obligation.
Enel Libra Flexsys was developed for the advancement and management of a significant portfolio of energy shift facilities in Italy, made up of 23 BESS jobs with an overall capability of 1.7 GW and 3 open-cycle gas turbine tasks with an overall capability of 900 MW.
The offer is pending regulative clearance and is anticipated to be settled in the very first half of 2024. The sale is lined up with Enel’s lined up with its technique “to maintain control of tactical possessions while optimizing performance and returns on invested capital” and part of its wider effort to minimize its net financial obligation.
“This collaboration with a leading gamer such as Sosteneo allows us to more speed up the advancement of storage services supporting Italy’s energy system, enhancing capital allowance with the objective to develop worth for all stakeholders,” states Stefano De Angelis, CFO of Enel Group.
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Sosteneo released in September 2023 as part of insurance coverage and property management service provider Generali Investment’s environment, with a concentrate on equity financial investments in greenfield facilities jobs connected to the energy shift.
Prior to the Enel offer, the fund’s BESS fleet stood at 840 MWh. The tasks under its management consist of: the 370 MWh Koorangie battery in the Australian state of Victoria established by Edify Energy, 373.5 MWh Sheaf Energy Park in Kent, UK, and the neighbouring 99.8 Richborough Energy Park, both established by Pacific Green Technologies
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