Enel, Sosteneo finalize partnership on developing BESS projects

Italian energy firm Enel Italia S.p.A. has finalized the sale of the minority stake of the share capital held in Enel Libra Flexsys S.r.l. to Sosteneo Energy Transition for a consideration of € 1.1 billion euros. 

Enel Libra Flexsys is involved in the implementation and operation of a portfolio of projects aimed at regulated capacity services, including 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 0.9GW. 

The company claims that the transaction is in line with the "partnership" business model outlined in the Enel Group's 2024-2026 Strategic Plan, with the aim to retain control of strategic assets while maximizing productivity and returns on invested capital.

Sosteneo is an investment manager that specializes in greenfield infrastructure projects related to the energy transition with the aim of providing an attractive long-term commercial return to clients whilst making an active contribution to the decarbonization of the global energy system.

With this partnership, Enel Libra Flexsys is expected to develop a significant portfolio of clean energy projects including battery energy storage across Italy. It's acquisition is said to be in sync with Sosteneo's strategic focus on investment in infrastructure that both supports the energy transition and offers the potential for attractive commercial returns.

Italy is one of the most promising markets for energy storage demand for this decade in the European region. The country, under its national energy and climate plan, is targeting 6 GW capacity of energy storage by 2030.

Just in December last year, the EU approved the country's energy storage program, earmarking an investment of €17.7 billion. Industry experts suggest that the initiative is likely to facilitate the establishment of over 9 GW/ 71 GWh of energy storage capacity in Italy by the end of this decade.