Sorgenia: F2i and Sixth Street Join Forces to Propel Italy's Energy Transition
Deal News | Aug 04, 2025 | F2I-Fondi Italiani Per le Infr
F2i, Italy's largest independent infrastructure fund manager, announced a consolidation of its energy transition assets under Sorgenia, partnering with Sixth Street to foster growth and development in this sector. Sixth Street will acquire a 38% stake in Sorgenia, boosting its operations with EF Solare, Renovalia, and Renovalia Tramontana, which F2i owns. Consequently, F2i will hold 62% of Sorgenia, while Asterion exits the ownership structure, and Predica retains a minority stake in EF Solare and Renovalia Tramontana. The collaboration requires standard regulatory approvals and suggests an enterprise value for Sorgenia exceeding €4 billion. With this consolidation, Sorgenia aims to become a major player in Europe's energy transition, handling 1,700 MW of renewables capacity and planning additional 5,000 MW projects, alongside 4,400 MW of gas-fired plants. The deal winners include F2i's ability to encourage national and European industrial growth and Sixth Street's strategic investments. Esteemed advisers like Lazard, Intesa Sanpaolo, and Mediobanca supported F2i, while Rothschild and legal counsel Cleary Gottlieb assisted Sixth Street.
Sectors
- Renewable Energy
- Infrastructure Investment
- Private Equity
Geography
- Italy – The focus on Italy is evident with F2i's role as Italy’s largest independent infrastructure fund manager, and Sorgenia's operations as a leading energy company in the country.
- Europe – The partnership's implications extend beyond Italy as Sorgenia aims to become a European leader in the energy transition sector.
- Spain – The inclusion of Spanish renewable assets through companies like Renovalia and Renovalia Tramontana highlights the geographical significance in the transaction.
Industry
- Renewable Energy – The article outlines F2i and Sixth Street's focus on consolidating and expanding renewable energy assets, including solar and wind energy, throughout Italy and Europe.
- Infrastructure Investment – The consolidation and transaction between F2i and Sixth Street centers around infrastructure investments vital to the energy transition sector.
- Private Equity – The involvement of F2i, a leading private equity firm, in structuring and financing this significant industrial investment indicates the role of private equity in facilitating large-scale energy projects.
Financials
- 4 billion – Enterprise value of Sorgenia as implied by Sixth Street's investment
- 38% – Equity stake acquired by Sixth Street in Sorgenia
- 62% – Equity stake retained by F2i in Sorgenia
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| F2i-Fondi Italiani Per le Infr. | Primary investor and initiator of the consolidation | Company | Italy's largest independent infrastructure fund manager, facilitating the energy sector's growth through strategic consolidations. |
| Sixth Street | Co-investor, acquiring 38% of Sorgenia | Company | A leading global investment firm entering a partnership with F2i to expand Sorgenia's operations. |
| Sorgenia | Target Company | Company | An energy company in Italy focused on renewable and efficient energy solutions. |
| EF Solare | Renewable Energy Operator | Company | Italy's leading photovoltaic operator included under Sorgenia's asset consolidation. |
| Renovalia | Renewable Energy Operator | Company | A firm engaged in wind and solar energy in Spain, consolidated under Sorgenia. |
| Renovalia Tramontana | Renewable Energy Operator | Company | Operates in the Spanish renewable energy market, part of Sorgenia's consolidation. |
| Asterion | Exiting Shareholder | Company | Former shareholder in Sorgenia, exiting as part of the new arrangement. |
| Predica | Minority Owner | Company | Retains a minority stake in EF Solare and Renovalia Tramontana. |
| Lazard | Financial Advisor to F2i | Company | Provided financial advisory for the transaction. |
| Intesa Sanpaolo | Financial Advisor to F2i | Company | Contributed financial advisory services for the deal. |
| Mediobanca | Financial Advisor to F2i | Company | Supported F2i with financial advisory in the transaction. |
| BofA Securities | Support Advisor to F2i | Company | Supported F2i Fund II in the transaction. |
| Nomura | Support Advisor to F2i | Company | Supported F2i Fund III in the transaction. |
| Societe Generale | Support Advisor to F2i | Company | Supported F2i Fund V during the deal. |
| Pedersoli Gattai | Legal Advisor | Company | Acted as the legal advisor for F2i during the transaction. |
| Tremonti Partners | Tax Advisor | Company | Provided tax advisory services for F2i. |
| Rothschild | Financial Advisor to Sixth Street | Company | Advised Sixth Street financially in the transaction. |
| Cleary Gottlieb | Legal Advisor to Sixth Street | Company | Provided legal advisory services to Sixth Street. |