Enel has sold 49% of the share capital of its Italian battery-operator subsidiary Enel Libra Flexsys to Sosteneo HoldCo.
The group manages 23 battery energy storage systems (BESS) with a total capacity of 1.7GW, along with three renovation projects for open cycle gas turbine (OCGT) plants with a total capacity of 900MW.
The agreement foresees the recognition of a consideration by Sosteneo HoldCo of approximately €1.1bn for the stake in Enel Libra Flexsys.
Furthermore, the consideration is subject to an adjustment mechanism customary for these kinds of transactions.
The enterprise value on a 100% basis of Enel Libra Flexsys recognised in the agreement is equal to around €2.5bn once the investment cycle foreseen by the project will be completed.
The closing of the sale, expected by the first half of 2024, is subject to a number of conditions customary for these kinds of transactions, including the clearance from the competent antitrust authorities and the successful completion of the golden power procedure with the Presidency of Italy’s Council of Ministers.
“Energy storage systems are a key asset in the energy transition, to which Enel is strongly committed: this is why they hold such an important position in our 2024-2026 Strategic Plan,” said Enel Group chief financial officer Stefano De Angelis.
“This partnership with a leading player such as Sosteneo enables us to further accelerate the development of storage solutions supporting Italy’s energy system, optimising capital allocation with the aim to create value for all stakeholders.”