Sixth Street, a US investment firm which manages more than $115bn in assets under management, is set to acquire a stake of 38% in Sorgenia, an Italian renewable energy company.
The transaction values Sorgenia at over €4bn. This move is made in collaboration with F2i, an Italian infrastructure fund manager, allowing the latter to consolidate its assets in the energy transition sector under Sorgenia.
Upon completion, F2i will own approximately 62% of Sorgenia.
Predica, part of Crédit Agricole Assurances, will continue holding minority interests in companies owned by F2i, including EF Solare and Renovalia Tramontana.
Asterion Industrial Partners will exit its 27.6% stake in Sorgenia as part of this deal. The completion is contingent upon regulatory approvals.
F2i CEO Renato Ravanelli said: “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 includes EF Solare, an Italian photovoltaic operator, and Spanish renewable energy firms Renovalia and Renovalia Tramontana.
Presently, Sorgenia operates about 1.7GW of renewable capacity and plans to add another 5GW. Additionally, it manages around 4.4GW of gas-fired power plants crucial for system stability during the energy transition phase, alongside providing various services to over one million customers.
This deal is in line with Sixth Street’s strategy to support growth and development in the Italian and Spanish renewable sector. The consolidation aims to position Sorgenia as a leader in Europe’s energy transition market.
Sixth Street partner Richard Sberlati said: “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.”
