Sixth Street Buys 38% Stake In Sorgenia For $4.6B

U.S. investment firm Sixth Street has taken a significant step into the European renewable energy sector by acquiring a 38% stake in the Italian clean energy company Sorgenia. The deal, which values Sorgenia at approximately €4 billion (equivalent to $4.6 billion), marks a key reshuffling of ownership within one of Italy’s prominent energy infrastructure firms and underscores growing investor appetite for large-scale renewables across Europe.

The acquisition facilitates the complete exit of Spanish infrastructure fund Asterion Industrial Partners, which held a 27.6% stake in Sorgenia. This transition leaves Italy’s leading infrastructure investor, F2i, as the majority stakeholder with an enhanced 62% stake in the company. For F2i, this deal not only consolidates its position but also represents a strategic integration of its renewable energy assets under the Sorgenia brand.

As part of the agreement, F2i will transfer its existing solar and wind holdings—specifically EF Solare, Renovalia, and Renovalia Tramontana—into Sorgenia. This move significantly expands Sorgenia’s renewable energy footprint across both Italy and Spain and signals a deliberate push to create a more diversified and geographically balanced energy platform.

With this transaction, Sorgenia’s role in Europe’s green energy transition becomes even more pronounced. The company currently controls about 1,700 megawatts (MW) of installed capacity across various renewable technologies including solar, wind, biomass, and hydroelectric power. In addition, Sorgenia is actively developing a pipeline of projects totaling 5,000 MW, aimed at further expanding its presence across the European energy market.

The enhanced portfolio and streamlined ownership structure place Sorgenia in a stronger position to compete with other pan-European energy firms. The combination of Sixth Street’s global investment expertise and F2i’s deep roots in Italian infrastructure offers a potent blend of capital, experience, and market insight to support future growth.

This agreement establishes Sorgenia as one of the leading energy infrastructure platforms in Europe,” said Richard Sberlati, Partner at Sixth Street. The sentiment underscores a broader industry trend where institutional investors and infrastructure funds are increasingly drawn to renewables, not only for their long-term growth potential but also for their critical role in global decarbonization efforts.

The transaction was supported by a network of high-profile financial and legal advisors. Sixth Street was advised by Rothschild & Co and law firm Cleary Gottlieb. On F2i’s side, financial guidance was provided by Lazard, Intesa Sanpaolo, and Mediobanca, while legal counsel came from Pedersoli Gattai. Additionally, BofA Securities, Nomura, and Société Générale each offered advice to one of the F2i-managed funds involved in the restructuring.

Sorgenia, established in 1999 and originally focused on natural gas and conventional power generation, has undergone a significant transformation in recent years. It pivoted toward renewables as Italy, like many EU nations, committed to more ambitious climate targets. The company’s evolution aligns with broader European Union policy frameworks such as the Green Deal and REPowerEU, which are designed to accelerate the deployment of clean energy technologies and reduce dependence on fossil fuels.

With the added capacity and strategic backing from both Sixth Street and F2i, Sorgenia is expected to play an increasingly vital role in delivering renewable energy solutions across Italy and beyond. The company’s pipeline of 5,000 MW in renewable energy projects positions it to not only serve domestic energy needs but also contribute to the broader European energy transition.

In the context of escalating climate concerns and an urgent push for energy independence, deals like this reflect a broader momentum within the global energy sector. For investors, renewable energy platforms like Sorgenia offer long-term value rooted in regulatory support, stable returns, and growing demand for sustainable infrastructure. For countries like Italy, they represent essential components of a resilient, green energy future.

As Sorgenia continues to scale its operations, the combined financial strength, operational synergies, and strategic alignment of its new shareholder structure are likely to unlock new investment opportunities, advance project execution, and accelerate its mission to become one of Europe’s preeminent renewable energy companies.