Enel sells 49% of its batteries to the Sosteneo fund, affiliated with Generali Investments. The deal is worth it 1,1 billion euros. Through a note, the Italian energy giant has in fact announced the signing of an agreement, through its subsidiary Enel Italia, with Sosteneo HoldCo, investment vehicle of the Sosteneo Energy Transition Fund for the acquisition by the latter of a share equal to 49% of the share capital of Enel Libra Flexsys, a company wholly owned by Enel Italia and established for the creation and management of a portfolio of 23 storage projects of battery energy for a total capacity of 1,7 GW and 3 projects for the renovation of open-cycle gas plants for a total capacity of 0,9 GW.
Enel: “Storage systems as a fundamental asset”
“Energy storage systems represent a fundamental asset in the energy transition path"He stressed Stephen DeAngelis, financial director of Enelm according to which "This collaboration with Sosteneo allows us to further accelerate the development of storage solutions to support the country's energy system, optimizing capital allocation in order to create value for all stakeholders."
Enel: details of the agreement with Sosteneo
As mentioned, the agreement provides for the recognition of a consideration by Sosteneo HoldCo of approximately 1,1 billion euros, a figure subject to an adjustment mechanism typical of transactions of this type. Enterprise value referring to 100% of Enel Libra Flexsys and recognized in the agreement is equal to approximately 2,5 billion euros.
The sale of 49% to the fund, underlines Enel, is in line with the "partnership" model outlined in the 2024-2026 Strategic Plan of the Enel Group, with the aim of maintaining control of strategic assets and maximizing productivity and returns on capital invested.
The completion of the operation, expected by first half of 2024, is subject to some conditions precedent typical of this type of transaction, including the release of authorization from the competent Antitrust authorities and the positive completion of the procedure regarding golden power at the Presidency of the Council of Ministers. It is expected that the transaction will generate at closing a positive effect on indebtedness consolidated net financial position of the Enel group of approximately 1,1 billion euros while the transaction is not expected to impact the group's economic results as, upon completion of the transaction, Enel will continue to maintain control of Enel Libra Flexsys and consolidate it fully .
