Sixth Street Acquires 38% Stake in Italian Renewable Energy Firm Sorgenia in €4 Billion Deal
Key Insights
U.S. investment firm Sixth Street has acquired a 38% stake in Italian renewable energy company Sorgenia, valuing the firm at €4 billion ($4.6 billion).
The transaction facilitates Spanish fund Asterion Industrial Partners' exit while Italy's F2i maintains its 62% majority ownership in Sorgenia.
F2i will transfer its EF Solare, Renovalia, and Renovalia Tramontana wind and solar assets in Italy and Spain to Sorgenia as part of the agreement.
Sorgenia's expanded portfolio now includes approximately 1,700 MW of operational renewable capacity, with an additional 5,000 MW in development projects.
MILAN – U.S. investment firm Sixth Street announced on Monday its agreement to acquire a 38% stake in Sorgenia, an Italian renewable energy company, in a transaction valuing the firm at €4 billion ($4.6 billion). This strategic investment positions Sorgenia as a leading energy infrastructure platform in Europe, signaling robust confidence in the continent's green transition and attracting significant international capital into the sector.
The deal facilitates the exit of Spanish infrastructure fund Asterion Industrial Partners from Sorgenia's capital, while F2i, Italy's primary infrastructure fund, will maintain its position as the leading shareholder with a 62% stake. Asterion initially invested in Sorgenia in 2020, supporting its ambition to become a key player in Europe's burgeoning green energy market.
As part of the comprehensive agreement, F2i will transfer its Italian and Spanish wind and solar power generation assets, including EF Solare, Renovalia, and Renovalia Tramontana, directly to Sorgenia. This consolidation significantly enhances Sorgenia's operational portfolio and development capabilities, streamlining asset management under a unified platform.
Richard Sberlati, a partner at Sixth Street, emphasized the transformative nature of the agreement, stating, "This agreement establishes Sorgenia as one of the leading energy infrastructure platforms in Europe." Sorgenia's diversified renewable portfolio currently encompasses approximately 1,700 megawatts (MW) of installed capacity across solar, wind, biomass, and hydroelectric plants. The company is actively pursuing an ambitious development pipeline totaling an additional 5,000 MW, underscoring its commitment to expanding its footprint in the clean energy landscape.
The transaction involved a consortium of financial and legal advisors. Rothschild & Co and law firm Cleary Gottlieb advised Sixth Street. Lazard, Intesa Sanpaolo, and Mediobanca served as financial advisers to F2i, with Pedersoli Gattai providing legal counsel. BofA Securities, Nomura, and Societe Generale each advised one of the F2i funds involved, highlighting the complex financial structuring typical of large-scale renewable energy deals in the European market.