Sosteneo's Fund II debuts with a German wind repowering platform

Sosteneo, part of Generali Investments, has signed an agreement to take a majority stake in eleven onshore German wind projects. The deal is the first investment from its second flagship fund, Fund II, and it lands in a structure called ENOVA Generation, a wind repowering platform.

ENOVA Generation brings together roughly 350 MW of capacity sold by a vehicle named ENOVA Value, built from joint ventures between Omnes Capital's Capenergie 4 and Capenergie 5 funds and ENOVA Power GmbH. Sosteneo takes the majority; ENOVA Power keeps a minority position and full operational management of the portfolio. The transaction is subject to customary approvals and is expected to close in Q3 2026.

The deal marks Sosteneo's entry into the German market. It also gives Fund II its first asset. The portfolio's composition is the reason the structure works. Forty percent of the capacity is already operational and generating cash flows from the date of acquisition. The remaining 60 percent sits either under construction or approaching a final investment decision. All projects earn remuneration under Germany's Renewable Energy Sources Act for 20 years, what the release calls long-term, contractually secured revenue visibility.

That split delivers a paying asset and a development pipeline in one purchase. The operating slice starts producing cash immediately; the rest is a pipeline of projects in construction or at the pre-FID stage. For a debut cheque, the structure is the conservative play: yield now, upside later, with a tariff-backed revenue floor underneath.

The seller stays in the deal. ENOVA Power retains a minority stake and the operational mandate, so the firm responsible for running the projects keeps that role. Sosteneo gets majority control and the strategy that comes with it. Repowering is a business where operator familiarity with sites tends to matter; keeping the developer in the mix likely protects that value.

No financial terms appear in the release. What is stated is the intent: the platform is set up for further growth in the German wind market, an entry point rather than a one-off. If the construction-stage projects hold their schedule, Fund II starts with a track record. If they slip, the operating 40 percent keeps distributions moving while the build-out works itself out. A platform with an operating core pays its holder to wait.