Asset manager ICG has announced its Infrastructure team (ICG Infra) has signed a definitive agreement with Enfinity Global to make a €400m equity investment in the firm.
This deal will bolster Enfinity Global’s balance sheet to accelerate the completion of its 17GW portfolio said ICG Infra, including 7.3GW of energy storage assets.
Enfinity has 1GW of global operational assets and is a leading renewable energy developer in Italy.
The investment further underpins ICG Infra’s strategy of investing in market leading businesses within the renewable energy sector in Europe and the US which have an active role in supporting the transition to net zero it said.
The asset manager said it will work with Enfinity’s management team to build and operate the existing projects in the long-term, while continuing to support expansion.
“We are excited to be partnering with Enfinity, a market-leading solar energy company, with a clear vision of supporting the transition to a net zero carbon economy,” said head of Infra at ICG Guillaume d’ Engremont.
“The investment underpins our approach of supporting entrepreneurial and visionary founders who are committed to making meaningful contributions to a more sustainable economy,” he added.
Enfinity Global chief executive Carlos Domenech added: “We are very pleased to partner with ICG in order to accelerate the execution of our projects and address our customers’ 24/7 renewable energy needs.
“ICG’s strong track record in enabling companies to scale, and their vision for the future of the industry, makes them the perfect partner for Enfinity.”
This investment is expected to close promptly upon receipt of relevant regulatory approvals said ICG.