en.Wedoany.com Reported - Sosteneo, part of Generali Investments, has agreed to acquire a majority stake in a portfolio of 11 onshore wind projects in Germany with a total installed capacity of approximately 350MW. The acquisition marks the first investment of Sosteneo's second flagship fund, Fund II, with the assets to be placed under a newly established operating platform, ENOVA Generation.
The seller of the projects is ENOVA Value, a joint venture between Omnes Capital (on behalf of its Capenergie 4 and Capenergie 5 funds) and ENOVA Power. ENOVA will retain a minority stake and continue to handle all operational management of the portfolio. The transaction is expected to close in the third quarter of 2026, subject to customary approvals.
In terms of project status, approximately 40% of the installed capacity is already operational, generating cash flow from the acquisition date, while the remaining 60% is either under construction or nearing the Final Investment Decision stage. Each project benefits from a 20-year subsidy period under Germany's Renewable Energy Sources Act (EEG).
Fund II has so far raised €300 million (equivalent to $345.9 million) against a target size of €1 billion, with an investment strategy focused on European clean energy infrastructure assets that are at or near the construction-ready stage. Sosteneo's first fund was fully invested earlier this year.
The transaction also represents Sosteneo's first investment in Germany. The company views Germany as Europe's largest and most active repowering market, driven by the aging of onshore wind turbines and the upcoming expiry of legacy EEG feed-in tariff windows. According to Sosteneo, a typical repowering project can on average quadruple a wind farm's installed capacity while requiring only half the number of turbines.
Umberto Tamburrino, Managing Partner and Chief Executive Officer of Sosteneo, said that the completion of Fund II's first wind repowering investment marks the deployment phase of the new fund and demonstrates the firm's ability to identify and execute attractive investment opportunities in an increasingly growing and complex energy market. He also noted that following the full investment of Fund I, Sosteneo will continue to create long-term value for investors by investing in high-quality clean energy infrastructure assets that contribute to energy security, decarbonization, and economic growth.
