(Finance) – Is in the he signed a agreement with a Sosteneo SGR fundan investment manager controlled by Generali Investments and specialized in greenfield infrastructure projects, for the acquisition on the part of the latter of 49% of the share capital of Enel Libra Flexsysa company wholly owned by Enel Italia and established for the construction and management of a portfolio of: 23 battery energy storage projects (Battery Energy Storage Systems, BESS) for a total capacity of 1.7 GW; 3 projects for the renovation of open cycle gas plants (Open Cycle Gas Turbines, OCGT) for a total capacity of 0.9 GW.
The agreement provides for the recognition of a corresponding by Sosteneo, for the purchase of 49% of the share capital of Enel Libra Flexsys, of approximately 1.1 billion euros. Furthermore, the consideration is subject to an adjustment mechanism typical of transactions of this type. The Enterprise Value referring to 100% of Enel Libra Flexsys and recognized in the agreement is equal to approximately 2.5 billion euros, upon completion of the investment cycle envisaged by the project.
“Energy storage systems represent a fundamental asset in the energy transition path in which Enel is strongly committed and for this reason they have such an important role within our 2024-2026 Strategic Plan – he commented Stefano De Angelis, CFO by Enel – This partnership with a major player such as Sosteneo allows us to further accelerate the development of storage solutions to support the country’s energy system, optimizing capital allocation in order to create value for all stakeholders.”
The operation is in line with the “Partnership” model outlined in the Strategic Plan 2024-2026 of the Enel Group, with the aim of maintaining control of strategic assets and maximizing productivity and returns on invested capital, we read in a note. The transaction is expected to be completed by the first half of 2024.
It is expected that the transaction will generate at closing a positive effect on net financial debt consolidated result of Enel equal to approximately 1.1 billion euros while the operation is not expected to have any impact on the economic results, as Enel will continue to maintain control of Enel Libra Flexsys and consolidate it fully.
(Photo: Sungrow EMEA on Unsplash)