Enel sells stake in EUR-2.5bn flexible power portfolio to Sosteneo

Italian utility group Enel SpA (BIT:ENEL) has closed the sale of a 49% stake in its regulated capacity services business, Enel Libra Flexsys Srl, to asset manager Sosteneo SGR SpA for EUR 1.1 billion (USD 1.18bn).

Enel Libra Flexsys is a company focused on developing and operating battery energy storage systems (BESS) with a total capacity of 1.7 GW and three renovation projects for open cycle gas turbine (OCGT) plants totalling 0.9 GW.

The 49% stake was owned Enel’s domestic unit Enel Italia, which sold it to investment vehicle Sosteneo Energy Transition 1 (Italy) Sarl under the terms foreseen in the sale and purchase agreement announced in March this year, the Enel Group said in a press release on Wednesday.

The enterprise value of the whole Enel Libra Flexsys business was estimated at around EUR 2.5 billion.

Enel maintains control of Enel Libra Flexsys, allowing it to manage the project portfolio and get a return on invested capital. The stake sale will also help Enel reduce its consolidated net debt.

(EUR 1.0 = USD 1.072)

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