Sosteneus, investment management company part of the platform Generali Investments, debuts in Germany with an operation in the sector ofonshore windThe company has signed an agreement for the establishment of Enova Generation, new platform that will bring together ueleven wind projects for a total capacity of approximately 350 MW.
Sosteneo will acquire a majority stake in the portfolio as part of the first investment of its second flagship fund, Fund II, while Enova will retain a minority stake and be responsible for the operational management of the plants. The portfolio is being sold by the Enova Value joint ventures between Omnes Capital, through the Capenergie 4 and Capenergie 5 funds, and Enova Power GmbH.
The completion of the transaction remains subject to the required authorisations and is expected by the third quarter of 2026.
A 350 MW portfolio of existing plants and new projects
The investment allows Sosteneo and, through Generali Investments, the Generali Group to strengthen its exposure to infrastructure for the European energy transition. Of the overall portfolio of approximately 350 MW, 40% is already operational and will therefore generate cash flows from the acquisition date. The remaining 60% is under construction or close to the Final Investment Decision (FID).
All eleven projects also benefit from the remuneration provided for by the German Renewable Energy Sources Act, the Erneuerbare-Energien-Gesetz (EEG), for a period of twenty years. The system ensures greater visibility of long-term revenues through pre-defined remuneration mechanisms.
At the heart of the operation is above all the wind repowering, that is, the process of replacing or modernizing existing plants with more modern and efficient infrastructure. According to Sosteneo, Germany represents the largest and most dynamic European market for this type of intervention, thanks to a mature onshore wind farm and the steadily approaching expiration of the previous tariff regimes established by the EEG.
Fund II launches in Germany and aims to raise one billion
The acquisition marks the Fund II's first investment Sosteneo, following the completion of the investment period of its first flagship fund earlier this year. The new vehicle has raised €300 million to date and aims to reach a total size of €1 billion. The strategy focuses on European clean energy infrastructure, primarily projects that are just prior to construction or already in the early stages of construction, with a particular focus on visible and contractually-defined cash flows.
“With this investment we are entering the German market through a partnership with Enova, a leading developer and operator with consolidated experience in wind repowering,” he declared. Federica GallinaPartner, Head of Investments and Asset Management at Sosteneo – “We are convinced that the combination of Enova's deep local market knowledge and execution capabilities with Sosteneo's experience investing in clean energy infrastructure creates a highly valuable platform, capable of generating benefits for Sosteneo's clients while simultaneously contributing to Germany's energy transition. With this investment, we are consolidating a significant presence in a market where we see significant long-term growth opportunities.”
Germany, Gallina added, is set to become "one of the strategic investment markets for Fund II," also due to the ongoing need for capital to modernize energy infrastructure, grow renewable generation, and develop energy flexibility assets.
Sosteneo aims for stable and predictable revenues
For Umberto Tamburrino, Managing Partner and CEO of Sosteneo, said the transaction represents "a significant step in the process of deploying the new fund's capital" and demonstrates the company's ability to identify investment opportunities in an increasingly complex energy market.
What makes the portfolio interesting is above all the combination of already operational assets and projects Still under construction or close to final investment decisions. This structure, according to Sosteneo, will allow existing revenue-generating infrastructure to be combined with new facilities with further development potential. The investment is consistent with the company's strategy of focusing on infrastructure capable of generating "stable and predictable cash flows over time," while simultaneously supporting energy security, decarbonization, and economic growth.
Sosteneo specializes in investments in greenfield infrastructure projects related to the energy transition, particularly those already in the construction phase or about to begin construction. The company is part of the Generali Investments asset management platform.
Enova Generation strengthens its German repowering strategy
For Enova, the new platform represents a further development of the strategy launched together with Omnes Capital in 2020 to acquire and develop wind repowering projects in Germany. "Enova Generation represents the natural next step in our growth strategy," stated Hauke Brümmer, CEO of Enova Group.
The eleven projects developed so far within the Enova Value joint ventures will be transferred to the new platform, while Enova will continue its collaboration with Omnes for the acquisition and development of additional onshore wind assets in the German market. Sosteneo will become the long-term partner for the repowered plants, with Enova continuing as the platform's operator and industrial partner.
The German group currently has a portfolio of approximately 1 GW and claims to supply electricity from renewable sources to approximately one million households. By the end of 2030, it aims to reach a total portfolio of 3 GW and increase its assets under management to €5 billion.
For Sosteneo, the agreement represents not only the debut of Fund II, but also entry into a market the company considers strategic for the future growth of investments in European energy infrastructure.
