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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