![• Enfinity Global secures $151.5 million in long term and VAT financing and letter of credit facilities
• Santander Corporate & Investment Banking (Santander CIB) and BayernLB provided the funds in two tranches for 72 MW capacity
• The third tranche included Nomura and was for 40 MW capacity
• The projects to be built in Italy and will be operational by the first half of 2024](http://media.assettype.com/taiyangnews%2Fimport%2Fwp-content%2Fuploads%2F2022%2F12%2FEnfinity-Global-Secures-151.5-million-Funding.png?w=480&auto=format%2Ccompress&fit=max)
Renewable energy company Enfinity Global Inc. announced that it has secured $151.5 million in long term and VAT financing and letter of credit (LC) facilities. These funds will be used to construct 3 solar projects with 112 MW capacity in Italy.
Santander Corporate & Investment Banking (Santander CIB) and BayernLB provided the financing in two tranches for 2 power plants totalling 72 MW and an additional tranche for 40 MW, which included financial holding company Nomura.
They also acted as mandated lead arrangers for each project financing through a club deal structure. The deal included $90.48 million of non-recourse senior debt financing and $60.67 million of VAT financing and LC facilities for power purchase agreements and photovoltaic modules.
Located around the Lazio region, the solar projects are expected to be operational by the first half of 2024. The clean electricity produced is expected to be 191 GWh annually. This will be sufficient power for 71,000 homes and will curb about 76,500 tons of CO2 emissions.
CEO of Enfinity Global Carlos Domenech said, "We are grateful to partner with three leading financial institutions and demonstrate the quality of our portfolio and the depth of the financing sector. Enfinity Global has an additional 318 MW of permitted projects and is committed to building out its incremental 2 GW of advanced permitting projects in Italy. We aim to bring solutions to our customers by delivering predictable and affordable clean energy. Our plan will accelerate the country's energy independence goal while creating thousands of jobs in the green economy."
In August 2022, Enfinity Global had secured $242 million in long-term financing for 2 solar projects in Japan totaling 70 MW. A Japanese commercial bank, Aozora Bank, had served as the lead arranger and agent, and Nomura had then acted as the initial lead arranger and sole bookrunner.
Enfinity Global Inc.is a US-based leading renewable energy and sustainability services company that was established in 2018. With offices across US, Asia, and Europe and a pipeline of over 7 GW of projects in different stages of development and operation, itl focuses on developing, financing, building, operating and owning renewable energy assets.