SOWITEC Sells 570 MW of Solar Projects in Mexico

From : Mercom India

Renewable energy company Enfinity Global said it has acquired a 400 MW operational utility-scale solar portfolio to expand the company’s reach in the U.S.

The co-financing partners in the acquisition were global alternative investment manager AB CarVal, and financial institution Nomura.

“The US alone invested over $100 billion in renewable energy in 2021. To succeed in the energy transition, sound investments need to be aligned to capital in scale,” Carlos Domenech, CEO of Enfinity Global, said.

Global Head of Nomura’s Infrastructure and Power Business Vinod Mukani said, “Nomura is delighted to develop creative solutions for its clients, particularly those like Enfinity Global who have experienced and talented teams and an attractive business strategy which is contributing towards the transition to a low-carbon economy.”

Other lenders who provided funding included Bayerische Landesbank, New York Branch, Commonwealth Bank of Australia, Fifth Third Bank, National Association and Zions Bancorporation, N.A.

The company owns and operates over 7 GW of solar power plants globally which are either in operation or in different stages of construction.

Enfinity’s cumulative portfolio produces 1,175 GWh of renewable power every year, which is sufficient to provide up to 64,000 American households with electricity.

The clean power produced by the company can help mitigate 508,000 tons of carbon dioxide emissions equalling removing 110,000 cars off the road.

The company inked definitive agreement with Capital Dynamics last September to acquire a contracted portfolio comprising 28 operational solar photovoltaic power plants located in California, North Carolina, and Idaho. The projects generate a recurrent EBITDA of ~$45 million annually with investment-grade counterparties.

Last November, Enfinity Global added 205 MW of solar capacity in India with the interconnection of 135 MW projects in Maharashtra. The company acquired six projects from Rays Power Infra in Telangana and Karnataka.

The company also raised $242 million (~$¥29 billion) in long-term financing for three solar projects in Japan totaling 70 MW last year.