Enfinity Global has closed a €500m financing deal that combined with project finance will fund the development and construction of 1500MW of solar assets in Italy.
The funding has been provided through an innovative club deal structure in partnership with 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 €800m.
Enfinity owns a portfolio of 4.8GW 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.
“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 building 416MW across 17 projects, which have long-term PPAs with investment-grade customers.
“As Enfinity advances and expands its existing 25.1GW 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 centred around establishing long-lasting relationships that efficiently scale and create value for the entire value chain as we serve customer needs.”