Enfinity Global has announced raising €500 million in financing for its Italian assets
It plans to deploy the proceeds for the development and construction of 1.5 GW of solar projects
The financing volume can go up to €800 million under an accordion feature executed
US-based renewable energy company Enfinity Global has achieved financial close for a €500 million financing to support the development and construction of a 1.5 GW solar PV assets pipeline in Italy. The financing comes with an accordion feature that would allow Enfinity to upsize it to €800 million.
The financing has been arranged from a consortium of lenders including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC (Queensland Investment Corporation) under an innovative club deal structure.
As an independent power producer (IPP), Enfinity currently owns a portfolio of 4.8 GW of solar and energy storage projects in Italy. These are at various stages of development. Of these, it is currently building 416 MW across 17 projects that have long-term power purchase agreements (PPA) with investment-grade customers.
“As Enfinity advances and expands its existing 25.1 GW global portfolio, capital formation plays an instrumental enabling role. We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions," said Americas CEO and Global Head of Capital at Enfinity Global, Ricardo Diaz.
In April this year, Enfinity landed a $195 million long-term financing for a 70 MW operational solar power plant in Japan. The Aomori Solar Power Plant in Aomori Prefecture was financed by Nomura Securities International, and Japanese commercial bank Aozora Bank.