MIAMI,Aug. 27,2024 -- Enfinity Global Inc.,a leader in renewable energy,announced today the financial close of a €500 million financing that combined with project finance will fund the development and construction of 1.5 GW of solar assets in Italy. The funding has been provided through an innovative club deal structure in partnership with leading investors including Infranity,Schroders Capital,Rivage,BNP Paribas Asset Management and QIC (Queensland Investment Corporation). The financing also includes an accordion feature that would allow Enfinity to upsize to €800 million.
Enfinity currently owns a portfolio of 4.8 GW of solar and energy storage projects in various stages of development in Italy,which positions the company as one of the leading independent power producers serving end customers in the country.
"We are grateful to Infranity,BNP Paribas Asset Management and QIC for their investment and partnership in building this uniquely positioned 1.5 GW portfolio," said Carlos Domenech,CEO of Enfinity Global. "The energy transition to a sustainable,carbon-neutral economy that powers the future requires significant investments. At Enfinity,we take a long-term view as a responsible asset owner,creating value by being a one-stop solution for customers,investors,and partners."
Enfinity is currently building 416 MW across 17 projects,which have long-term PPAs 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 Ricardo Diaz,Americas CEO and Global Head of Capital at Enfinity Global. "Enfinity's capital formation efforts are centered around establishing long-lasting relationships that efficiently scale and create value for the entire value chain as we serve customer needs."
"Infranity is a very committed and deeply experienced investor in the renewable energy sector in Europe. As such,we are very pleased to support the growth of our partner Enfinity by providing substantial financing to their portfolio of solar PV assets in Italy. Future capital needs to finance further energy transitionarevery substantial and Infranity will continue to actively support it," commented Garbiñe Unda Barturen,Investment Director at Infranity.
Akereos acted as sole bookrunner,structurer,and exclusive debt advisor to Enfinity Global. Milbank served as legal advisor to Enfinity Global and Ashurst served as legal advisor to the club of investors.
About Enfinity Global
Enfinity Global Inc. is a US-based leading renewable energy and sustainability services company established in 2019. The company owns a portfolio of 25.1 GW of renewable energy and storage projects,including operational assets,under construction,and in different stages of development. With offices across the US,Europe,Japan,and India,the company aims to make a significant contribution to a sustainable net-zero carbon economy. Enfinity's leadership team brings over $37 billion of financing experience in the renewable energy sector.