Italy's CDP talking to Gulf investors including Mubadala to sell 15-35% of Ansaldo Energia

By Giuseppe Fonte and Elvira Pollina

ROME/MILAN, Sept 24 (Reuters) - Italian state lender CDP is in talks with Gulf investors including Abu Dhabi's sovereign wealth fund Mubadala to sell between 15% and 35% of power plant developer Ansaldo Energia, two sources familiar with the matter told Reuters.

Ansaldo Energia - which develops gas and steam turbines, generators and nuclear power technology - is 99.6% owned by CDP's investment arm CDP Equity. It is benefiting from rising energy demand linked to the rapid international expansion of data centres for artificial intelligence.

CDP is considering selling the 15%-35% stake in Ansaldo as part of a broader agreement that would see the company expand its operations in the Gulf, one of the sources said.

Talks with Mubadala are more advanced than those with other suitors, the same source said, adding that any deal would see Ansaldo help develop gas-fired power plants in the region.

CDP Equity would preserve full control of Ansaldo, the other source said.

Spokespeople for CDP, Mubadala and Ansaldo declined to comment.

Interest for Ansaldo from Mubadala and other Gulf suitors was first reported by Italian daily Corriere della Sera on Sunday. The report did not include details of the size of the stake being discussed.

Headquartered in Genoa, Ansaldo returned to profit in 2025 after several years in the red, posting a net result of €20 million ($22.77 million). Orders increased 24% from the year earlier to €2.3 billion.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at €140 million.

Last year, Ansaldo secured a contract to supply four gas turbines for a new 1-gigawatt Al Dhafra power plant in the United Arab Emirates.

The company has operated in the UAE for more than three decades and has invested in Abu Dhabi service facilities that include a remote monitoring and predictive diagnostics centre for power generation equipment.

In 2023, CDP underwrote a €580 million capital increase aimed at covering losses, lifting its stake to nearly 100% after Shanghai Electric 601727.SS opted not to take part in the rights issue.

($1 = 0.8783 euros)