Investor Sosteneo buys into Enel BESS unit for €1.1bn

Investor Sosteneo buys into Enel BESS unit for €1.1bn

Investor Sosteneo buys into Enel BESS unit for €1.1bn 1010 724 Energy Storage Journal

March 7, 2024: Enel said on March 1 it had agreed to sell a 49% stake in a subsidiary set up to develop mainly BESS projects in Italy to investor Sosteneo for €1.1 billion ($1.2 billion).

Under the terms of the deal, Sosteneo Fund 1 HoldCo will buy into Enel Libra Flexsys (ELF), of which Enel will continue to have majority control.

The agreement values ELF at around €2.5 billion including debt.

ELF was established to build and operate 23 BESS projects with a combined capacity of 1.7GW and three renovation projects for open cycle gas turbine plants.

Enel Group CFO Stefano De Angelis said the agreement with Sosteno will support the speeding up of the group’s BESS development projects.

The sale should close in the first half of this year subject to regulatory approvals.

Photo: Enel’s Nuova Larderello geothermal plant in Tuscany