Enfinity Global, a U.S.-based renewable energy project developer, closed a $164 million (~JPY 26.24 billion) financing for a 250 MW solar PV project portfolio in Japan. Enfinity Global obtained the funding in partnership with Macquarie Capital and a syndicate led by Shinhan Asset Management.
The portfolio comprises seven operating utility-scale solar projects and one project under construction, with an enterprise value of over $1 billion.
The projects are expected to produce more than 300 GWh of clean electricity annually.
“We are delighted to partner with Macquarie and Shinhan as we scale our platform in Japan,” commented Carlos Domenech, CEO of Enfinity Global. “Japan’s energy transition needs world-class companies that invest in these high-quality long-lived assets and support emerging energy needs such as those driven by data centers,” he added.
A representative from Macquarie Capital added, “We are thrilled to partner with Enfinity Global to support the financing of this portfolio. Our collaboration underscores our commitment to supporting the growth of high-quality renewable energy projects in attractive markets.”
In April 2024, Enfinity Global secured $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent.
Mercom’s recently released 1H and Q2 2024 Solar Funding and M&A report announced that large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, ACWA Power, a developer, owner, and operator of power generation projects, announced the financial close for the $533 million Tashkent Riverside project in Uzbekistan. The hybrid project includes a 200 MW solar PV project and a 500 MWh battery energy storage system.
