Enel SpA, the Italian utility group, has successfully concluded the sale of a 49% stake in its regulated capacity services subsidiary, Enel Libra Flexsys Srl, to asset manager Sosteneo SGR SpA for EUR 1.1 billion (USD 1.18bn).
Enel Libra Flexsys specializes in developing and operating battery energy storage systems (BESS) totaling 1.7 GW capacity, alongside three renovation projects for open cycle gas turbine (OCGT) plants amounting to 0.9 GW.
The transaction, executed by Enel Italia, Enel's domestic unit, adheres to terms outlined in the agreement earlier this year. Enel's press release on Wednesday highlighted the enterprise value of Enel Libra Flexsys at around EUR 2.5 billion.
This move allows Enel to retain operational control over Enel Libra Flexsys, facilitating strategic management of its project portfolio and optimizing returns on invested capital. The sale of the stake also supports Enel's efforts to reduce its consolidated net debt, underscoring its commitment to financial stability and growth in the energy sector.
