Asterion sells its stake in Sorgenia and Sixth Street joins as new shareholder alongside F2i

  • Asterion exits Sorgenia’s shareholding structure after helping to transform it into one of Italy’s leading integrated energy utilities.
  • F2i and Sixth Street form a partnership as part of a reorganisation that includes Sixth Street’s entry as a new shareholder with a 38% stake.
  • F2i strengthens its energy transition platform by integrating EF Solare — Italy’s largest photovoltaic operator — into Sorgenia, along with its renewable assets in Spain, reaching a 62% stake in the company.

Madrid, 4 August 2025 – Asterion Industrial Partners, an independent investment management firm focused on European mid-market infrastructure, has announced its exit from the shareholding structure of Sorgenia, following the successful completion of a transformation process launched in 2020 in partnership with F2i, Italy’s largest independent infrastructure fund manager. The transaction is part of a strategic reorganisation led by F2i, which also includes the entry of Sixth Street as a new reference shareholder with an approximate 38% stake in Sorgenia, a company now valued at over €4 billion.

 

The alliance between F2i and Sixth Street marks the beginning of a new phase for Sorgenia, aimed at accelerating its role in the energy transition in Italy and further strengthening its presence in renewable energies. As part of this transaction, F2i will consolidate its platform by integrating EF Solare — the country’s largest photovoltaic operator — and its renewable energy portfolio in Spain into Sorgenia. Following this integration, F2i will hold a 62% stake in the company.

 

Since its acquisition in 2020 by Asterion and F2i, Sorgenia has evolved into one of the leading energy transition platforms in Italy, standing out for its digital and innovative approach. The company has successfully integrated flexible generation, renewables, and a commercial strategy driven by digital technologies.

 

With this transaction, Sorgenia is consolidated as a European energy transition leader, with one of the largest operational renewable energy portfolios, including solar, wind, biomass, and hydroelectric plants. The company currently operates approximately 1,700 MW of installed renewable capacity and has a development pipeline of around 5,000 MW.

 

In addition, Sorgenia owns approximately 4,400 MW in high-efficiency gas-fired combined cycle power plants—strategic assets that ensure system stability throughout the energy transition. The company also supplies electricity, gas, fibre connectivity, and green technology services to more than one million customers.

 

Ettore Sequi and Michele De Censi will be confirmed in their positions as Chairman and Chief Executive Officer of Sorgenia, respectively.

 

“We are proud to have supported our partner F2i and the management team in laying the foundations of the new Sorgenia. Since the beginning of our partnership in 2020, Sorgenia has evolved into one of Italy’s leading integrated utilities, with a consolidated positioning as the country’s most innovative digital energy player. Under our ownership, the Company has significantly expanded its platform, adding over 600k retail customers and 0.4 GW of renewable capacity, as well as building a robust pipeline of 1.4 GW of renewable projects. We extend our best wishes to F2i, the management team, and Sixth Street as they lead Sorgenia into its next chapter of growth and innovation,” said Jesús Olmos, founding partner and CEO of Asterion.

 

With this transaction, F2i successfully reaches an important next step in a long and significant industrial growth journey in the energy sector. The development and consolidation of Sorgenia once again confirms F2i’s ability to promote the growth of national and European-scale players in strategic sectors such as energy transition. The industrial value of this project is evidenced by the partnerships established with Asterion, Predica, and now Sixth Street, with whom we will continue to grow, including internationally positioning Sorgenia as a key player in the energy transition and a potential platform for industrial aggregation”, said Renato Ravanelli, CEO of F2i.

 

This agreement establishes Sorgenia as one of the leading energy infrastructure platforms in Europe and we’re pleased to be collaborating with the F2i and Sorgenia teams on this transformational transaction. We look forward to contributing our solutions-oriented, patient institutional capital and deep energy infrastructure experience as we work together to facilitate the next phase of growth for the business”, said Richard Sberlati, Partner at Sixth Street.

 

F2i was advised by Lazard, Intesa Sanpaolo and Mediobanca in the context of the Transaction. F2i Fund II, Fund III and Fund V have been supported respectively by BofA Securities, Nomura and Societe Generale. Pedersoli Gattai acted as legal advisor and Tremonti Partners as Tax advisor. Sixth Street was advised by Rothschild and Cleary Gottlieb as legal advisor. Asterion Industrial Partners was advised by Gibson Dunn on legal matters and by JPMorgan for the issuance of a Fairness Opinion.

ABOUT F2i SGR

 

F2i SGR is Italy’s largest independent infrastructure fund manager, with approximately €8.3 billion in assets under management across both equity and debt. The companies within F2i’s network form the country’s main infrastructure platform, diversified across six strategic sectors of the national economy: transport and logistics, energy transition, circular economy, telecommunications networks, healthcare infrastructure and distribution networks. Led by CEO Renato Ravanelli, F2i’s portfolio companies employ around 24,000 people whose work enables millions of citizens to access essential services and infrastructure. F2i’s shareholders include leading financial institutions such as banking foundations, social security and pension funds, national and international asset managers, and sovereign wealth funds. F2i’s funds are subscribed by leading Italian and international institutions. F2i is a participant in the United Nations Global Compact and adheres to its principles for responsible business conduct.

ABOUT SIXTH STREET

 

Sixth Street is a global investment firm with over $115 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and “One Team” culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 650 team members including over 280 investment professionals around the world.1 For more information, visit www.sixthstreet.com, and follow Sixth Street on LinkedIn.