US based Enfinity Global Acquires 400 MW of Operating Solar Projects

US-based renewable energy firm Enfinity Global has announced that it has completed the acquisition of a 400 MW operational utility-scale solar portfolio marking a further expansion in the US market.

The official statement of Enfinity Global said that in September 2022, it signed a deal with Capital Dynamics to acquire a diversified contracted portfolio, consisting of 28 operational solar PV power plants. These solar projects were located in California, North Carolina and Idaho. They generated a recurrent EBITDA of about $45 million per year with investment grade counterparties.

Enfinity Global said that the portfolio reached COD within the last five years and that it holds long-term PPAs with investment grade utility off-takers. It produces 1,175 GWh of clean electricity per year, enough to power up to 64,000 US households and offset 508,000 tons of CO2 emissions, which is equivalent to taking 110,000 cars off the road.

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Carlos Domenech, CEO of Enfinity Global, said, “We are thankful for the opportunity to work with Capital Dynamics with the support of our investment partners. The US alone invested over $100 billion in renewable energy in 2021. To succeed in the energy transition, sound investments need to be aligned to capital in scale.”

Funds managed by AB CarVal, a global investment manager, and Nomura, a financial institution, acted as co-financing partners to Enfinity Global.

Ricardo Díaz, CEO Americas of Enfinity Global, commented, “We will continue to expand our presence in the US market by executing our 1.6 GW proprietary pipeline of projects and pursuing further investment opportunities both in M&A transactions and agreements with renewable energy developers.”

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Other lenders who provided funding at closing included Bayerische Landesbank, New York Branch, Commonwealth Bank of Australia, Fifth Third Bank, National Association and Zions Bancorporation.

Enfinity Global claims to be one of the fastest-growing investors, owners, operators, and developers of renewable energy assets. It has an existing global portfolio of over 7 GW of power plants in operation, under construction and in different stages of development in energy markets with strong fundamentals.

It recently raised $150 million in long term VAT financing and LCs facilities for the development of three utility scale solar power projects in Italy totalling 112 MW in capacity.