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US-headquartered renewable energy player Enfinity Global Inc. has announced that it has signed a long-term solar power purchase agreement (PPA) with Statkraft for the supply of green energy from 134-MW solar power projects in Italy. The agreement is aimed at commercialization of 34 GWh/year of clean electricity in Italy that complements the closing of additional 191 GWh announced in January 2023.
Enfinity Global held that the total 225 GWh/year of clean energy contracted will be produced by a 134 MW utility-scale solar power portfolio located in the province of Viterbo, Italy. Once operational, the energy produced will be enough to power 85,000 homes and offset 91,500 tons of CO2 emissions. This is also equivalent to the amount captured by 4,200 mature trees.
Enfinity Global mentioned in its official statement that it has closed EUR 22.6 million in financing with Santander CIB and BayernLB for the construction of a 22 MW utility-scale solar power plant that will be serving the new PPA. These institutions have acted as mandated lead arrangers through a club deal structure that includes non-recourse senior debt financing, VAT financing and LC facilities.
Carlos Domenech, CEO of Enfinity Global, said, "The vast majority of our portfolio is located in regions that together account for more than 80% of the country's electricity demand, which demonstrates our value as a relevant partner for Italy's energy transition."
According to the Elemens LookOut Report, Enfinity Global consolidated its leading position in Italy in 2022 by topping the ranking of utility-scale solar energy companies per number of MW permitted (367 MW) and was the company that submitted the highest number of MW for approval during the year. Enfinity Global owns a 2.3 GW portfolio of projects in different stages of development in Italy.
Recently, Enfinity Global raised EUR 142 million in long-term and VAT financing, and LCs facilities for the construction of three utility-scale solar power plants in Italy whose combined capacity would be 112 MW.