From pv magazine ESS news place
Sosteneo, part of the Generali Investments ecosystem, has concluded the financing contracts of an agreement with Enel for the acquisition of 49% of the share capital of Enel Libra Flexsys. The deal was signed and announced in March 2024. The mezzanine and senior financings were signed in June 2024.
According to Enel, the sale to Sosteneo Energy Transition has a consideration of 1.1 billion euros (1.18 billion dollars). The 100% enterprise value of Enel Libra Flexsys is approximately EUR 2.5 billion.
Enel Libra Flexsys was created to develop and manage a large portfolio of energy transition infrastructure in Italy, consisting of 23 battery energy storage systems (BESS) projects with a total capacity of 1.7 GW and three open-cycle gas turbine (OCGT ) projects. with a total capacity of 0.9 GW.
To support the Sosteneo acquisition, approximately €200 million in mezzanine financing was provided by the Canada Pension Plan Investment Board. Approximately €900 million in senior financing was provided by a consortium of banks including 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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