Enfinity Global Secures $558 Million Financing for 1.5 GW Solar Projects in Italy[3].

Enfinity Global, a leading US-based renewable energy company, has secured significant funding to support the development and construction of solar projects in Italy. The company announced the financial close of €500 million (~$558.73 million), which will be used to build approximately 1.5 GW of solar assets in the country.

This funding was achieved through a club deal structure in partnership with several investors, including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and Queensland Investment Corporation (QIC). The financing also includes an accordion feature, allowing Enfinity Global to increase the loan size from €500 million to €800 million (~$558.73 million to ~$893.97 million) if needed.

Enfinity Global currently owns a portfolio of 4.8 GW of solar and energy storage projects in various stages of development in Italy, positioning the company as one of the leading independent power producers serving end customers in the country. The company is also building 416 MW across 17 projects in Italy, each with long-term power purchase agreements with investment-grade customers.

Carlos Domenech, CEO of Enfinity Global, expressed gratitude to the investors for their partnership in building this uniquely positioned 1.5 GW portfolio. “The energy transition to a sustainable, carbon-neutral economy that powers the future requires significant investments. At Enfinity, we take a long-term view as a responsible asset owner, creating value by being a one-stop solution for customers, investors, and partners,” he stated.

Ricardo Diaz, Americas CEO and Global Head of Capital at Enfinity Global, emphasized the importance of capital formation in advancing and expanding the company’s existing 25.1 GW global portfolio. “We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions,” he noted.

This funding announcement underscores the growing investment and M&A activity in the solar energy sector. According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 reached $19.9 billion in 117 deals, compared to $14.9 billion in 113 deals in 1H 2023.

Enfinity Global’s recent funding success is not limited to Italy. Last month, the company also announced the closure of a $164 million (~JPY 26.24 billion) financing for a 250 MW solar PV project portfolio in Japan. This demonstrates the company’s commitment to accelerating the energy transition globally.

With offices across the US, Europe, Japan, and India, Enfinity Global aims to be an energy transition leader and make a significant contribution to a sustainable net-zero carbon economy. The company’s leadership team is one of the most experienced global teams in renewables, bringing over $37 billion of financing experience in the renewable energy sector with over 15 GW of developed and acquired solar and wind assets.

The funding secured by Enfinity Global highlights the company’s strategic approach to developing and financing renewable energy projects. By partnering with leading investors and financial institutions, Enfinity Global is well-positioned to continue its growth and contribute to the global transition to a sustainable energy future.