A newly created clean-energy projects investment company majority owned by Generali Investments has bought a 249MW battery energy storage system (BESS) project in the UK for £210m (€241m).
Sosteneo has agreed to buy the holding company of Sheaf Energy Park in Kent from Pacific Green Technologies.
As part of the transaction, Sosteneo will provide a capital expenditure loan, which together with the senior debt facility, will fully fund the development and construction of Sheaf Energy Park BESS project which is expected to begin commercial operations in mid-2025.
The deal is Sosteneo’s third BESS investment following the acquisition of the neighbouring Richborough Energy Park in June and the Koorangie battery project in Australia earlier this month.
The latest deal takes the total capacity of BESS projects under Sosteneo’s management to over 840MWh.
Umberto Tamburrino, managing partner, CEO and CIO Europe at Sosteneo, said: “Battery energy storage capacity is essential for the transition to a clean energy future. Sheaf Energy Park represents critical infrastructure that supports the growth of renewable energy in the UK whilst benefitting from a long-term capacity agreement that provides our clients with stable cash flows.
“The acquisition marks another important addition to our growing global portfolio of greenfield energy-transition infrastructure projects.”
In September, Generali Investments launched Sosteneo, a business venture created to make equity investments in greenfield infrastructure projects.
The €505bn asset manager teamed up with a number of executives from the clean-energy and funds management industries to launch the company that operates primarily in Europe and Asia-Pacific.
Generali Investments holds a majority stake in Sosteneo with the remaining interest held by managing partners Tamburrino, Asia-Pacific CIO Ivor Frischknecht, portfolio management head Chris Twomey and investor relations head Chris Deveshold.
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