US-based investment company Sixth Street has agreed to acquire a 38% stake in Italian renewable energy company Sorgenia at an enterprise value of more than €4bn ($4.6bn).
This investment by Sixth Street is part of a partnership with F2i, an Italian independent infrastructure fund manager. It will enable F2i to consolidate its energy transition assets under Sorgenia.
As a result of the transaction, F2i will hold approximately 62% of Sorgenia. Predica, a subsidiary of Crédit Agricole Assurances, retains its minority interests in the F2i-owned companies, EF Solare and Renovalia Tramontana.
Concurrently, Asterion Industrial Partners will exit Sorgenia’s ownership structure. Asterion, an investment management company, made its initial investment in Sorgenia in 2020 and is now selling its 27.6% stake.
The deal is pending customary regulatory approvals.
F2i CEO Renato Ravanelli stated: “With this transaction, F2i successfully reaches an important next step in a long and significant industrial growth journey in the energy sector. The development and consolidation of Sorgenia once again confirms F2i’s ability to promote the growth of national and European-scale players in strategic sectors such as energy transition.”
Sorgenia's portfolio now incorporates EF Solare, a photovoltaic operator in Italy, and Spanish renewable entities Renovalia and Renovalia Tramontana.
Sorgenia currently operates 1.7GW of installed renewable capacity and plans to develop an additional 5GW.
It also manages 4.4GW of gas-fired power plants critical for system stability during the energy transition, and provides retail services in electricity, gas, fibre connectivity and green technology to more than one million customers.
This investment aligns with Sixth Street's strategy to support growth and development in the renewable sector across Italy and Spain. The consolidation aims to position Sorgenia as a leader in Europe’s energy transition market.
Sixth Street partner Richard Sberlati stated: “This agreement establishes Sorgenia as one of the leading energy infrastructure platforms in Europe, and we’re pleased to be collaborating with the F2i and Sorgenia teams on this transformational transaction.
“We look forward to contributing our solutions-oriented, patient institutional capital and deep energy infrastructure experience as we work together to facilitate the next phase of growth for the business.”
