Enfinity Global, a renewable energy company, secured €118 million (~$127.35 million) financing for the construction of four utility-scale solar power plants totaling 101 MW located in the Lazio (Italy) region, which are expected to become operational in 2024.
The financing will provide €77 million (~$83.10 million) of non-recourse senior debt, €41 million (~$44.25 million) of VAT financing, and LC facilities for PPAs and PV modules.
UniCredit, BayernLB, and Siemens Financial Services through Siemens Bank have acted as mandated lead arrangers for each project financing through a club deal structure.
“We are delighted to partner with UniCredit, BayernLB, and Siemens Bank for this initial set of projects as we build our existing 4 GW portfolio in Italy”, said Carlos Domenech, CEO of Enfinity Global. “We are pleased to bring competitive clean energy to Italy in support of the country’s net energy needs and carbon emission reduction targets.”
“We expect to invest 3 billion euros over the next 3 years in Italy as we continue to advance our projects”, commented Julio Fournier Fisas, CEO for Europe of Enfinity Global. “Italy is a core strategic market for us, and we are looking to continue to grow our existing portfolio through in-house development, co-development agreements with partners, and acquisitions.”
Enfinity Global is currently building four additional projects in Italy, totaling 134 MW, in the province of Viterbo (Lazio).
According to Mercom’s 9M and Q3 2023, Solar Funding and M&A Report announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.
Primergy Solar, a developer, owner, and operator focused on distributed and utility-scale solar PV and battery storage projects, recently secured $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas.
