Sixth Street Acquires 38% of Sorgenia in $4.6B Renewables Deal

In a landmark transaction that signals growing investor appetite for clean energy assets, U.S.-based investment firm Sixth Street has acquired a 38% equity stake in Sorgenia, a leading Italian renewable energy company. The deal places Sorgenia’s enterprise value at approximately €4 billion ($4.6 billion), underscoring the company's strategic importance in Europe’s energy transition landscape.

Asterion Industrial Partners Exits, F2i Retains Majority Control

The agreement paves the way for Spanish infrastructure investor Asterion Industrial Partners to make a complete exit from Sorgenia, divesting its 27.6% holding in the process. Meanwhile, Italy’s dominant infrastructure fund, F2i, will maintain its controlling interest in the company with a 62% stake. The reshuffling of equity positions reflects broader trends in European infrastructure investment, where long-term capital is seeking scale and consolidation.

In a landmark transaction that signals growing investor appetite for clean energy assets, U.S.-based investment firm Sixth Street has acquired a 38% equity stake in Sorgenia, a leading Italian renewable energy company. The deal places Sorgenia’s enterprise value at approximately €4 billion ($4.6 billion), underscoring the company's strategic importance in Europe’s energy transition landscape.

Asterion Industrial Partners Exits, F2i Retains Majority Control

The agreement paves the way for Spanish infrastructure investor Asterion Industrial Partners to make a complete exit from Sorgenia, divesting its 27.6% holding in the process. Meanwhile, Italy’s dominant infrastructure fund, F2i, will maintain its controlling interest in the company with a 62% stake. The reshuffling of equity positions reflects broader trends in European infrastructure investment, where long-term capital is seeking scale and consolidation.

Strategic Portfolio Consolidation Strengthens Sorgenia’s Position

As a key component of the transaction, F2i will streamline its renewable energy assets under a single platform by integrating its holdings in EF Solare, Renovalia, and Renovalia Tramontana into Sorgenia. This consolidation is expected to enhance operational efficiency, while positioning Sorgenia as a central player across both Italian and Spanish renewable markets. It marks a deliberate effort to build scale, expand regional influence, and drive cross-border synergies.

Sorgenia’s Expanding Clean Energy Footprint

Sorgenia boasts a diversified renewable energy portfolio encompassing solar, wind, biomass, and hydroelectric assets. The company currently manages around 1,700 megawatts (MW) of installed capacity, placing it among Italy’s foremost independent power producers. With a robust pipeline of projects under development totalling an additional 5,000 MW, Sorgenia is poised to accelerate its growth trajectory as demand for clean energy infrastructure intensifies across Europe.

Advisory Bench Highlights Scale and Complexity of Deal

The complexity and scale of the transaction are reflected in the roster of financial and legal advisors involved. Sixth Street was advised by Rothschild & Co and Cleary Gottlieb Steen & Hamilton LLP. On the other side, F2i received financial guidance from Lazard, Intesa Sanpaolo, and Mediobanca, with legal advice provided by Pedersoli Gattai. Additionally, BofA Securities, Nomura, and Société Générale each advised individual funds managed by F2i. The multi-advisor involvement underscores the strategic and financial significance of the deal in the broader European renewable energy market.Strategic Portfolio Consolidation Strengthens Sorgenia’s Position

As a key component of the transaction, F2i will streamline its renewable energy assets under a single platform by integrating its holdings in EF Solare, Renovalia, and Renovalia Tramontana into Sorgenia. This consolidation is expected to enhance operational efficiency while positioning Sorgenia as a central player across both Italian and Spanish renewable markets. It marks a deliberate effort to build scale, expand regional influence, and drive cross-border synergies.

Sorgenia’s Expanding Clean Energy Footprint

Sorgenia boasts a diversified renewable energy portfolio encompassing solar, wind, biomass, and hydroelectric assets. The company currently manages around 1,700 megawatts (MW) of installed capacity, placing it among Italy’s foremost independent power producers. With a robust pipeline of projects under development totalling an additional 5,000 MW, Sorgenia is poised to accelerate its growth trajectory as demand for clean energy infrastructure intensifies across Europe.

Advisory Bench Highlights Scale and Complexity of Deal

The complexity and scale of the transaction are reflected in the roster of financial and legal advisors involved. Sixth Street was advised by Rothschild & Co and Cleary Gottlieb Steen & Hamilton LLP. On the other side, F2i received financial guidance from Lazard, Intesa Sanpaolo, and Mediobanca, with legal advice provided by Pedersoli Gattai. Additionally, BofA Securities, Nomura, and Société Générale each advised individual funds managed by F2i. The multi-advisor involvement underscores the strategic and financial significance of the deal in the broader European renewable energy market.