F2i, Italy’s largest independent infrastructure fund manager, has partnered with Sixth Street, a San Francisco–based global investment firm, in a landmark $4.6 billion deal that will transform Sorgenia into one of Europe’s leading energy transition platforms. Sixth Street will acquire a 38 percent stake in Sorgenia, while F2i will retain a controlling 62 percent share. The agreement marks a significant step in consolidating F2i’s renewable energy assets and expanding Sorgenia’s role in both the Italian and European energy markets.
Sorgenia is one of Italy’s top private energy companies, operating a diversified portfolio that includes natural gas-fired plants, wind, solar, hydroelectric, and biomass facilities, as well as digital energy services for more than one million residential and business customers. In recent years, the company has steadily expanded its renewable generation capacity to align with Italy’s low-carbon energy goals. Under the new partnership, F2i will transfer its Italian solar portfolio from EF Solare and its Spanish renewable energy assets from Renovalia and Renovalia Tramontana into Sorgenia, creating a unified platform with both generation and infrastructure capabilities.
Following the transaction, Sorgenia will oversee approximately 1,700 megawatts of operational renewable capacity and an additional 5,000 megawatts under development. It will also operate around 4,400 megawatts of high-efficiency gas-fired power plants, providing critical grid stability during the energy transition. By combining renewable growth with flexible generation capacity, the company is positioned to meet rising demand while supporting decarbonization targets.
Ambassador Ettore Sequi will continue as chairman of Sorgenia, with Michele De Censi serving as chief executive officer. Richard Sberlati, partner at Sixth Street, said the deal solidifies Sorgenia as one of Europe’s foremost energy infrastructure platforms, backed by institutional capital and extensive infrastructure expertise to support its next phase of growth.
F2i CEO Renato Ravanelli expressed his pride about the partnership, saying, “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 transaction also involves the exit of Asterion Industrial Partners, which previously held a 27.6 percent stake in Sorgenia. Legal and financial advisers to Sixth Street included Rothschild & Co and Cleary Gottlieb, while F2i was advised by Lazard, Intesa Sanpaolo, and Mediobanca, with legal support from Pedersoli Gattai and additional input from BofA Securities, Nomura, and Société Générale.
With the combined resources of F2i and Sixth Street, Sorgenia is set to play a central role in Italy’s green energy transition, while establishing itself as a platform for broader industrial transformation across Europe. The partnership brings together scale, operational expertise, and capital strength, positioning Sorgenia to accelerate the deployment of renewable projects, enhance energy security, and contribute to Europe’s decarbonization objectives.
