Enfinity Global Raises €142 Million For 112 MW Solar Projects In Italy

Leading US-based renewable energy and sustainability services provider Enfinity Global Inc has closed EUR 142 million in long-term and VAT financing, and LCs facilities for the construction of three utility-scale solar power plants in Italy. The combined total capacity of the three solar power plants will be 112 MW.

The 112 MW portfolio is located across the Lazio region and is expected to be operational in the first half of 2024. The three solar power plants will generate 191 GWh of green electricity per year, enough to power 71,000 homes and offset 76,500 tons of CO2 emissions. It will also be equivalent to the amount captured by 3,500 mature trees.

Enfinity said that this financing was comprised of two tranches with Santander Corporate & Investment Banking (Santander CIB) and BayernLB providing project financing for two power plants totaling 72 MW. There is also an additional tranche for 40 MW that includes Nomura.

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BayernLB is a major investment lender for the Bavarian and German economies. The institutions have acted as mandated lead arrangers for each project financing through a club deal structure that includes EUR 85 million of non-recourse senior debt financing, and EUR 57 million of VAT financing and LC facilities (PPA and PV modules).

The REPower EU plan of European Union has set the path in Italy for an accelerated deployment of renewables, aiming to reach 30% in total energy consumption and 55% in electricity generation by 2030.

Carlos Domenech, CEO, Enfinity Global, said, “Enfinity Global has an additional 318 MW of permitted projects and is committed to build 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.”

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Benoit Felix, Global Head of Structured Debt from Santander CIB, stated, ” Supporting Enfinity Global reinforces our leadership positioning in the renewables industry and it is a testament to our commitment to sustainability.”

Jonas Benholz, Head of Project Finance South Europe, BayernLB, held, “BayernLB is proud to further contribute to an emission-free energy system in Italy and the world. This transaction showed that grid parity projects will become the dominating asset class in the renewable energy sector.”

Enfinity Global is an independent power producer (IPP) with a portfolio of more than 7 GW of renewables in operation, construction, and development in energy markets world over.

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