The Generali Group firm has signed an settlement to accumulate a minority share in Enel Libra Flexsys, which goals to launch 1.7 GW of battery power storage initiatives in Italy. “Revenues are totally contracted for 15 years by means of capability agreements with Enel in addition to capability funds from Enel supported by Terna, the Italian transmission system operator,” Sosteno stated.

From pv journal ESS News website

Sosteneo, a part of the ecosystem of Generali Investments, has closed financing contracts in an settlement with Enel for the acquisition of 49% of the share capital of Enel Libra Flexsys. The deal was signed and introduced in March 2024. The mezzanine and senior financings have been signed in June 2024.

According to Enel, the sale of Sosteneo Energy Transition has a consideration of EUR 1.1 billion ($1.18 billion). The Enterprise Value of 100% of Enel Libra Flexsys is roughly EUR 2.5 billion.

Enel Libra Flexsys was established for the event and administration of a significant power transmission infrastructure portfolio in Italy, consisting of 23 battery power storage (BESS) initiatives with a complete capability of 1.7 GW and three open-cycle fuel turbine (OCGT) initiatives. with a complete capability of 0.9 GW.

To help the Sosteneo acquisition, roughly €200 million in mezzanine financing was supplied by the Canada Pension Plan Investment Board. Approximately €900 million senior financing was supplied by a consortium of banks together with BayernLB, BBVA, BNP Paribas, Bank of China, Crédit Agricole CIB, Caixa Bank, Cassa Depositi e Prestiti (CDP), ING, Societe Generale CIB, and SMBC Bank.

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