Renewable Energy M&A: Enel and Sosteneo agree on $1.3bn deal in Italy's largest BESS transaction amid rising market activity

🔋 Enel has agreed to sell a 49% stake in Enel Libra Flexsys in Italy to Sosteneo for $1.3bn. The acquired portfolio comprises ~1.7 GW of Battery Energy Storage Systems (BESS) set to be operational in 2024, and 0.9 GW in Open Cycle Gas Turbine (OCGT) renovation projects

This deal highlights a recent surge in Italy's BESS M&A activity, rising from 1 deal in 2022 to 7 in 2023 and 3 deals in Q1 2024. Enerdatics expects further growth for the following reasons:

• 📈 Growing intermittency in Italy's power grid.
• 💰 Lucrative revenue potential from Capacity Market and Fast Reserve auctions, introduced by TERNA.
• 🌱 Italy's ambitious aim to install 9GW of battery capacity by 2030.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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