Everything about Sosteneo, the Generali company that purchased Enel’s batteries
Who are the shareholders and directors of Sosteneo, the company controlled by Generali which will acquire 49 percent of Enel's bacteria unit.
As anticipated by the press – Startmag also wrote about it last September -, Enel has sold a share of its division dedicated to batteries to Sosteneo, an investment management company focused on infrastructure for the energy transition and controlled by Generali.
THE DETAILS OF THE ENEL BATTERY AGREEMENT
The agreement, worth 1.1 billion euros, involves the sale of 49 percent of the unit to Sosteneo and is part of Enel's strategy to reduce its debt , which at the end of 2022 had exceeded 60 billion.
Sosteneo is expected to complete the acquisition of the stake in the battery division, called Enel Libra Flexsys, by the first half of 2024. Enel, however, will retain control.
WHAT SOSTENEO DOES
Sosteneo, as mentioned, is an asset management company focused on infrastructure for the energy transition and controlled by Generali; operates mainly in Europe and Asia-Pacific, with a team in Milan and one in Sydney. It began as a joint venture between Generali Investments and four experienced energy and fund management executives: Umberto Tamburrino (Elliott Green Power), Ivor Frischknecht (CleanCo Queensland), Chris Twomey (Atmos Renewables) and Chris Deves.
WHO ARE THE SHAREHOLDERS OF SOSTENEO SGR
According to the certificate filed, Sosteneo sgr has a subscribed share capital of 3,500,000 euros. Generali Investments Holding (the main asset management company of the insurance group of the same name) owns 70 percent, while Sosteneo Partners Srl has the remaining 30 percent.
GENERALI'S INTEREST
According to Generali Investments, “Sosteneo expands Generali Investments' ecosystem of asset management companies, enriching the overall offering in real assets and strengthening the commitment to providing clients with access to investment expertise oriented towards ESG criteria [ …]. Thanks to a mix of skills and innovation, Sosteneo intends to offer customers access to this market opportunity [clean energy infrastructure, ed. ] through low-risk equity investments for greenfield infrastructure projects aimed at the production of clean energy".
WHO ARE THE MEMBERS OF SOSTENEO PARTNERS
Sosteneo Partners – the other partner of Sosteneo SGR – is a company active since 2022, based in Milan and with a subscribed share capital of 10,000 euros.
Umberto Tamburrino, CEO of Sosteneo SGR and sole director of Sosteneo Partners, owns 55 percent. Australian-Swiss Ivor Frischknecht has 27.4 percent. Chris Twomey and Chris Deves each have 7.9 percent. Federica Gallina owns 1.6 percent.
In addition to Tamburrino, Frischknecht is also part of the board of directors of Sosteneo SGR. Twomey, Australian, holds the position of prosecutor.
WHO IS ON THE SOSTENEO BOARD OF BOARD
The president of the board of directors of Sosteneo is Stefano Caselli , Dean of the SDA Bocconi School of Management and full professor of Economics of financial intermediaries at Bocconi University; he is also president of the remuneration committee of Generali Real Estate.
The CEO is Umberto Tamburrino. He is also CEO of Elliott Green Power, an investment company specializing in renewable energy in the Asia-Pacific region. In the past he worked at Deutsche Bank with roles of responsibility in clean energy investments, and at Citigroup and Credit Suisse as an infrastructure expert: he dealt with the initial public offerings of Snam Rete Gas and Enel Distribuzione.
The other councilors, in addition to Frischknecht, are:
- Audrey Ann Zibelman (American)
- Andrea Liberti ( of Generali Investments is Chief Business Strategy Officer)
- Roberto Marsella (CEO of Alpi and former investment director of CDP Equity)
- Aldo Mazzocco (CEO of Generali Real Estate )
- Michele Patrì (head of Investment Strategies at Generali Investments )
- Monique Francine Richard Sandrine (French)
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/enel-sosteneo-cessione-quota-batterie/ on Mon, 04 Mar 2024 14:01:47 +0000.