Enfinity Global has reached financial close for the construction of eight utility-scale solar power plants in Italy.
With a combined capacity of 276MW, the projects are strategically located across the regions of Emilia Romagna, Basilicata, and Lazio.
The solar power plants are expected to be fully operational by the end of 2026.
The €316m financing was arranged through a club deal structure, with ING, Rabobank, and BNP Paribas acting as mandated lead arrangers, lenders, original hedging counterparties and green loan coordinators.
The funding package includes €214m in non-recourse senior debt alongside €101m million in facilities for VAT, letters of credit for PPAs, PV modules and decommissioning obligations.
The energy generated by this new portfolio is expected to total approximately 403GWh annually, resulting in an estimated reduction of 109,000 tonnes of carbon dioxide emissions each year.
This is equivalent to the annual electricity consumption of around 150,000 Italian households.
Chief executive of Enfinity Global Carlos Domenech said: “We are proud to partner with Rabobank, BNP Paribas, and ING to continue accelerating the energy transition in Italy.
“This milestone further validates our long-term vision and commitment to building a sustainable energy platform that enables our customers to access cost-competitive energy to propel their growth, while we drive investment to Italy and create new jobs.”
Enfinity Global’s general manager for Europe Julio Fournier Fisas added: “This is our largest project financing to date in Italy, reinforcing our leadership in the market and expanding our presence in regions with high energy demand.
“This deal supports our strategy of bringing energy production closer to consumption centres, allowing us to better serve the growing energy needs of corporate and industrial clients based on their geographic location.”
This financing brings Enfinity Global’s total raised in Italy in the last two years to €1.3bn, as the company advances its 8GW pipeline of solar PV and storage projects in the country, including 564MW currently under construction in Lazio and Emilia-Romagna.