Sosteneo acquires stake in Enel battery subsidiary
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Enel S.p.A., acting through its subsidiary Enel Italia S.p.A., has signed an agreement with Sosteneo Fund 1 HoldCo S.à.r.l., for the acquisition by the latter of 49% of the share capital of Enel Libra Flexsys S.r.l., a company fully-owned by Enel Italia and established for the implementation and operation of a portfolio of:
- 23 Battery Energy Storage Systems (BESS) with a total capacity of 1.7 GW.
- Three renovation projects for Open Cycle Gas Turbine (OCGT) plants with a total capacity of 900 MW.
The agreement foresees the recognition of a consideration by Sosteneo HoldCo of approximately €1.1 billion for the acquisition of 49% of the share capital of Enel Libra Flexsys. Furthermore, the consideration is subject to an adjustment mechanism customary for these kinds of transactions. The enterprise value on a 100% basis of Enel Libra Flexsys recognised in the agreement is equal to around €2.5 billion once the investment cycle foreseen by the project will be completed.
The closing of the sale, which is expected to occur by 1H24, is subject to a number of conditions precedent customary for these kinds of transactions, including the clearance from the competent antitrust authorities and the successful completion of the golden power procedure with the Presidency of Italy’s Council of Ministers.
“Energy storage systems are a key asset in the energy transition, to which Enel is strongly committed: this is why they hold such an important position in our 2024-2026 Strategic Plan,” said Stefano De Angelis, CFO of the Enel Group. “This partnership with a leading player such as Sosteneo enables us to further accelerate the development of storage solutions supporting Italy’s energy system, optimising capital allocation with the aim to create value for all stakeholders.”
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Read the article online at: https://www.energyglobal.com/energy-storage/04032024/sosteneo-acquires-stake-in-enel-battery-subsidiary/
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