Sosteneo, part of Generali Investments, has agreed to take a majority stake in a portfolio of 11 onshore wind projects in Germany with a combined capacity of about 350MW.
The assets will sit in a newly created operating platform, ENOVA Generation, and the purchase is the first investment made by Sosteneo’s second flagship fund, Fund II.
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The projects are being sold by ENOVA Value, joint ventures between Omnes Capital, acting for its Capenergie 4 and Capenergie 5 funds, and ENOVA Power.
ENOVA will keep a minority holding and take on full operational management of the portfolio. Completion is expected in the third quarter of 2026, subject to customary approvals.
About 40% of the capacity is already running and will generate cash flows from the acquisition date. The remaining 60% is either under construction or nearing a Final Investment Decision.
Every project is remunerated under Germany’s Renewable Energy Sources Act (EEG) for 20 years.
Fund II has raised €300m ($345.9m) so far and is targeting €1bn. Its strategy focuses on European clean energy infrastructure at or around the construction-ready stage.
Sosteneo’s first fund was fully deployed earlier this year.
The transaction is also Sosteneo’s first in Germany, which the company describes as Europe’s largest and most active repowering market, reflecting an ageing onshore fleet and the closing window for the traditional EEG tariff.
According to Sosteneo, a typical repowering project on average quadruples a wind farm’s capacity using half the number of turbines.
Sosteneo managing partner and CEO Umberto Tamburrino said: “We are delighted to announce the first investment for Fund II. This investment in wind repowering represents an important milestone in the deployment of the new fund and demonstrates our ability to source and execute attractive investment opportunities in a growing and increasingly complex energy market.
“Following the successful deployment of Fund I, we remain focused on delivering long-term value for our investors through investments in high-quality clean energy infrastructure assets that support energy security, decarbonisation and economic growth.”
