Sosteneo SGR S.p.A. (Italian asset management company), part of Generali Investments, has signed an agreement to acquire a portfolio of eleven onshore wind repowering projects in Germany totalling approximately 350 MW, marking the firm's entry into Europe's largest onshore wind market and the inaugural investment of its second flagship fund.

The Deal Structure

The transaction creates a new operating wind platform called ENOVA Generation, which brings together projects previously held by joint ventures known as ENOVA Value, established between French investment firm Omnes Capital and German wind energy specialist ENOVA Power GmbH. Omnes Capital acted on behalf of its Capenergie 4 and Capenergie 5 funds in the original joint ventures.

Under the new arrangement, Sosteneo holds a majority stake in the portfolio, while ENOVA retains a minority position and assumes full operational management of the platform. The transaction remains subject to customary regulatory approvals and is expected to close in the third quarter of 2026.

Portfolio Composition and Revenue Framework

Of the 350 MW total capacity, 40 percent of the portfolio is already operational and generating cash flows from the date of acquisition. The remaining 60 percent is either under construction or approaching its Final Investment Decision.

All eleven projects receive remuneration under Germany's Renewable Energy Sources Act, known as the EEG, for a period of 20 years, providing what Sosteneo describes as long-term, contractually secured revenue visibility.

The portfolio is structured around wind repowering, a process that involves replacing older turbines with more powerful modern equipment. According to Sosteneo, a typical repowering project can quadruple a wind farm's capacity on average while using just 50 percent of the original number of turbines.

Germany's Repowering Market

Sosteneo has identified Germany as the largest and most active repowering market in Europe. The firm attributes this position to two intersecting factors: an ageing fleet of onshore wind assets that have reached or are approaching the end of their operational lives, and the narrowing window for assets to benefit from traditional EEG feed-in tariffs before that support regime closes.

Sosteneo has stated that Germany is set to become a core investment market for Fund II, citing continued demand for capital to modernise energy infrastructure and accelerate the build-out of renewable generation and flexibility assets.

Fund II and the Wider Investment Strategy

This transaction represents the first deployment of capital from Sosteneo's second flagship fund, Fund II, which has raised USD 346 million to date and is targeting a total fund size of USD 1.15 billion.

The fund's strategy is focused on investing in clean energy infrastructure assets in Europe at or around the construction-ready stage, underpinned by visible and contracted cash flows. Sosteneo noted that Fund I had been successfully and fully deployed earlier in 2025 ahead of the announcement of this transaction.

Federica Gallina, Partner and Head of Investments and Asset Management at Sosteneo, described the investment as establishing an important presence in a market with significant long-term potential.

"We are convinced that combining ENOVA's local expertise and execution capability with Sosteneo's experience in clean energy infrastructure investments creates a very attractive platform that delivers value to Sosteneo's clients while supporting Germany's energy transition," she said.

Umberto Tamburrino, Managing Partner and CEO at Sosteneo, said the investment demonstrates the firm's ability to source and execute opportunities in a growing and increasingly complex energy market.

"We believe that the combination of operational assets and projects under construction or approaching FID offers a compelling investment proposition for our clients, leveraging the Sosteneo team's execution capabilities while delivering our strategy of investing in infrastructure that provides stable and visible cash flows," he said.

ENOVA's Perspective and Continued Role

For ENOVA, the formation of ENOVA Generation represents the formalisation and next stage of a development programme that began in 2020. Hauke Brümmer, CEO of the ENOVA Group, said the eleven projects being transferred to the new platform originated from the ENOVA Value joint venture with Omnes, and that ENOVA's partnership with Omnes will continue separately through the ongoing acquisition and development of additional onshore wind assets in Germany.

Brümmer described the arrangement with Sosteneo as a long-term operational partnership. "As operator and managing partner, we remain fully committed to these assets and to the local communities and partners we work with," he said, adding that ENOVA looks forward to developing the platform further alongside Sosteneo.

Sosteneo's Firm Background

Sosteneo is an investment manager specialising in construction-ready greenfield infrastructure projects related to the energy transition. The firm is part of the Generali Investments platform, and its team draws on more than 20 years of collective experience in renewable energy infrastructure as an institutional-grade asset class.

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