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Enel (OTCPK:ENLAY) said Friday it agreed to sell a 49% stake in its energy storage unit to Italian asset manager Sosteneo for ~€1.1B ($1.19B), as Italy's biggest utility seeks to reduce its net debt.
The agreement values the Enel Libra Flexsys energy storage business at ~€2.5B, including debt.
The unit contains a portfolio of 23 battery energy storage systems with a total capacity of 1.7 GW and three renovation projects for gas-fired power plants with a capacity of 900K MW.
Sosteneo, which is backed by Generali Investments, is expected to complete the stake purchase by the end of H1, subject to clearance from antitrust authorities.