Sosteneo signs 350 MW German wind platform for Fund II debut

Sosteneo, the infrastructure arm of Generali Investments, has announced an agreement to take a majority stake in a new German onshore wind platform. The deal is its first in Germany and the debut investment for its second flagship fund.

The platform, ENOVA Generation, bundles 11 projects with about 350 MW of capacity. The seller is a joint venture between Omnes Capital, investing through its Capenergie 4 and 5 funds, and ENOVA Power GmbH. ENOVA will keep a minority interest and run the portfolio. Closing is expected in Q3 2026, subject to customary approvals.

The portfolio's construction status gives the deal a dual character. Forty percent of the capacity is already producing power and cash at closing; the remaining 60% is under construction or approaching a final investment decision. Every project sits under the same revenue contract: 20 years of remuneration under Germany's Renewable Energy Sources Act, the EEG. On a 350 MW platform, that means roughly 140 MW is live from day one, with the unbuilt half inside the same tariff framework and the same operating company.

That mix is a sensible shape for a debut. A first purchase that throws off distributions immediately narrows the gap between a fund's inception and its first payouts, and it does so while keeping construction upside inside the same vehicle. The platform is explicitly framed as a base for further growth in the German wind market. In other words, the initial check buys a company that can absorb more of the same.

ENOVA is not selling out and walking away; it is becoming a minority shareholder while staying responsible for running the projects. With 60% of the portfolio unbuilt, that handoff is essential. The buyer is not inserting its own German operations team; the announcement presents ENOVA's operational management as a feature. The operator's continuing equity stake also keeps its incentives pointed at the platform's performance: bringing the unbuilt projects online on time and at cost is now its own money on the line.

The announcement does not say whether Omnes retains anything after the sale. The funds are listed as sellers, which suggests a full exit, but it is not confirmed. What is confirmed is the platform's purpose: ENOVA Generation is described as a vehicle for further growth in the German wind market. That makes the deal look like a first roof panel rather than a finished house.

The watch items come after closing. The unbuilt projects approaching FID need to reach construction on schedule. The operator needs to deliver the repowering work within cost estimates. The platform needs to add assets on terms Sosteneo's fund will accept. If those hold, this first Fund II position could set the pattern for the rest of the strategy.