Enfinity Global, a Spain-based renewable energy company, acquired 250 MW of solar PV portfolio in Japan for an enterprise value of $1 billion.
Asian investment firm PAG led the investment round. Financial services group Nomura acted as the sole lead arranger and bookrunner for project financings in the portfolio.
The acquired solar portfolio includes eight solar projects, three of which are operational, and the remaining five are under construction. The three operational solar projects have a combined capacity of 70 MW, while the remaining five under-construction projects total 180 MW.
Of the 180 MW capacity, 80 MW will be commissioned this year, and the remaining 100 MW is expected to be operational next year
The acquisition is intended to consolidate Enfinity’s platform in Japan and allow the company to expand its presence in the country. With the addition of the solar portfolio, Enfinity now has a platform of 281 MW across nine owned and managed projects.
“The acquisition of this portfolio consolidates Enfinity’s positioning as one of the leaders in Japan’s renewables market,” said Carlos Domenech, CEO of Enfinity Global.
“Nomura is excited to support and provide liquidity to Enfinity Global as it consolidates its platform in Japan and prepares for future growth globally,” said Vinod Mukani, Head of Nomura’s Infrastructure and Power Business.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, there were 280 large-scale solar project acquisitions in 2021 compared to 231 transactions in 2020. In 2021, the sector also saw the most project acquisition activity in terms of gigawatts, with more than 69 GW changing hands compared to 40 GW in 2020.
Image credit: Enfinity Global