Sorgenia, Sixth Street enters with 38%.
Energy reorganisation: F2i contributes the renewable assets and will have 62% of the group
2' min read
Key points
2' min read
F2i is consolidating its activities in the energy transition sector in Sorgenia and choosing Sixth Street as a partner to support the growth and future development of the business. Sixth Street, explains a note, will acquire approximately 38% of Sorgenia, which in turn will take over Ef Solare, Renovalia and Renovalia Tramontana, companies controlled by F2i and active in solar and wind power generation in Italy and Spain. Sixth Street's investment corresponds to a valuation of Sorgenia of over 4 billion euros.
Upon execution of the agreements, F2i will control approximately 62% of Sorgenia, Asterion will exit the shareholding structure and Predica will keep its current minority stakes in Ef Solare and Renovalia Tramontana. Sorgenia's current installed capacity is approximately 1,700 MW with plans to develop a further 5,000 MW. The portfolio of electricity generation from renewable sources is flanked in Italy by approximately 4,400 MW of efficient gas-fired plants, which are strategic infrastructures to guarantee the stability of the electricity system during the energy transition period. In addition, Sorgenia provides more than one million customers with electricity, gas, fibre connectivity and green technologies. Ettore Sequi and Michele De Censi will be confirmed as chairman and CEO of Sorgenia respectively.
"Growth Path"
."With this transaction, F2i completes with full satisfaction a long and important path of industrial growth in the energy sector," commented F2i's CEO, Renato Ravanelli. "The industrial value of this project is testified by the partnership started with Asterion and with Predica and, today, with Sixth Street, with which it will continue the path of growth, also international, making Sorgenia one of the main players in the energy transition and a potential pole for further industrial combinations," he added. According to Richard Sberlati, Partner at Sixth Street, "this agreement consolidates Sorgenia as one of the leading energy infrastructure platforms in Europe and we are delighted to collaborate with the F2i and Sorgenia teams on this transformational operation.
