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Renewables
Mohit Kaul
Mohit Kaul
Top Contributor
 · Posted in Renewables

🤝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 Flexys 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.