Enel Italia sells stake in storage operating subsidiary to Sosteneo in €1.1bn deal

March 4, 2024

Enel Italia has agreed a deal to sell a 49 per cent stake in energy storage operator Enel Libra Flexsys to Sosteneo Fund 1 HoldCo for €1.1 billion.

Enel Libra Flexsys was established to operate a portfolio of 23 battery energy storage systems (BESS) with a total capacity of 1.7 GW as well as three open cycle gas turbine (OCGT) plant renovation projects with a total capacity of 0.9 GW.

The enterprise value on a 100 per cent basis of Enel Libra Flexsys is equal to around €2.5 billion, an Enel statement said.

The deal is expected to close in the first half of this year.

“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 Stefano De Angelis, CFO of the Enel Group. “This partnership with a leading player such as Sosteneo enables us to further accelerate the development of storage solutions supporting Italy’s energy system, optimizing capital allocation with the aim to create value for all stakeholders.”