By David Sachs
Enel signed a deal to sell 49% of its battery business to Generali-owned Sosteneo for about 1.1 billion euros ($1.19 billion) the Italian utility company said late Friday.
Enel said that the sale is part of its strategy to build a portfolio of battery-based energy-storage projects. The deal includes the creation of Enel Libra Flexsys, in which Sosteneo will take the 49% stake, Enel said.
Enel Libra Flexsys, which includes 23 battery energy storage systems and three renovation projects for open cycle gas turbine plants, is valued at about EUR2.5 billion, including debt, Enel said. The transaction is expected to close in the first half of 2024.
Write to David Sachs at david.sachs@wsj.com
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