Enfinity Global has closed €190m in financing for the construction of 157MW of utility scale solar in Italy.
The capacity comprises projects located in the regions of Lazio and Emilia Romagna, which are expected to become operational in 2025.
BayernLB, ING, and Rabobank acted as mandated lead arrangers for the project financing through a club deal structure.
The funding will provide €127.4m of non-recourse senior debt, €17.1m of VAT financing, and €45.1m in LC facilities for power purchase agreements (PPAs), solar modules and dismantling.
The energy produced by the portfolio will be commercialised through long-term PPAs recently signed with A2A, Nova Aeg and another Italian industrial customer.
Enfinity 805MW of permitted projects in Italy, according to Elemens’ Q2 Dev&Deals report.
In addition, Enfinity has PPAs amounting to 388MW signed and under construction with investment-grade utilities and other corporate customers.
The company owns 4.8GW of solar and storage projects in the country.
“We are grateful to BayernLB, ING, and Rabobank for their partnership in Italy.
“We appreciate BayernLB’s supporting the financing of 400 MW in Italy to date”, said Carlos Domenech, CEO of Enfinity Global.
“Together, we are setting a new standard to finance and develop clean energy in Italy, supporting the country’s energy transition and EU 2030 decarbonisation targets.”