Sixth Street Partners is in final discussions to buy a stake in Eni's power business, according to sources
Sixth Street Partners, a US investment division, has emerged as the largest bidder for Eni's power generation division and is in advanced negotiations to acquire a minority stake in the business, according to three sources.
According to one of the sources familiar with the matter, Eni, advised by JPMorgan, is considering selling a share of up to 49% in Enipower.
According to the source, the sale is expected to end by the end of the first quarter.
BlackRock has also cited a request for the asset, but a source close to the discussions has said the interest of the bank has cooled.
All of them have declined to comment on their issues.
Enipower, one of Italy's leading power providers, operates five gas-fired facilities and one co-generation facility with a total capacity of more than 5 gigawatts.
Some think investing in fossil fuel assets are a riskier bet than they used to be.
Eni, which has pledged to be carbon neutral by 2050, is selling the money to fund its transition from oil and gas to cleaner industries.
The company has merged its retail and renewable business and is planning to list a portion of it this year in what might be one of Italy's most famous IPOs.
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