Investment firm Sixth Street is acquiring a 38% interest in F2i’s €4bn wind and solar power generation in Italy and Spain portfolio.
Infrastructure fund manager F2i said it is combining its subsidiaries EF Solare, Renovalia and Renovalia Tramontana into a single platform named Sorgenia, and has partnered with Sixth Street, which will acquire the minority stake in the new platform, giving F2i a 62% ownership of Sorgenia.
The deal also involves Predica retaining its minority stake in EF Solare and Renovalia Tramontana, while Asterion exits its shareholding in Sorgenia.
Sorgenia operates approximately 1,700MW of installed renewables capacity across solar, wind, biomass and hydroelectric plants. It also has an additional 5,000MW in development projects.
Renato Ravanelli, CEO of F2i, 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.
“The industrial value of this project is evidenced by the partnerships established with Asterion, Predica, and now Sixth Street, with whom we will continue to grow, including internationally positioning Sorgenia as a key player in the energy transition and a potential platform for industrial aggregation.”
Richard Sberlati, partner at Sixth Street, 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.”
Jesús Olmos, founding partner and CEO of Asterion, said: “We are proud to have supported our partner F2i and the management team in laying the foundations of the new Sorgenia. Since the beginning of our partnership in 2020, Sorgenia has evolved into one of Italy’s leading integrated utilities, with a consolidated positioning as the country’s most innovative digital energy player.
“Under our ownership, the company has significantly expanded its platform, adding over 600k retail customers and 0.4GW of renewable capacity, as well as building a robust pipeline of 1.4GW of renewable projects. We extend our best wishes to F2i, the management team, and Sixth Street as they lead Sorgenia into its next chapter of growth and innovation.”
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