Enfinity Global, a renewable energy project developer, announced the closing of €165 million (~$173.84 million) in financing to develop a portfolio of three utility-scale solar projects totaling 147 MW located in Italy’s Lazio region. The projects will reach commercial operation by 2026.
The funding was arranged through a club deal structure, with ING and Rabobank serving as lenders and mandated lead arrangers. The funding includes €114 million (~$120.11 million) in non-recourse senior debt, alongside €51 million (~$53.73 million) for VAT financing and LC facilities covering PPAs, PV modules, and decommissioning.
The energy from the projects has been contracted under long-term power purchase agreements with an international technology provider.
Gianni & Origoni acted as the lender’s legal advisor, while DWF provided legal advice to Enfinity Global on the deal. Further, Astris Finance was the financial advisor, Fichtner Italia was the technical advisor, and Marsh was the insurance advisor on the transaction.
“We are grateful to ING and Rabobank for their steadfast support in advancing our portfolio in Italy,” said Carlos Domenech, CEO of Enfinity Global. “Together, we share a clear vision to accelerate the deployment of renewable energy, empowering companies and governments to achieve their energy transition targets.”
In 2024, the company secured €865 million (~$911.24 million) in financing to support the development of its 4.8 GW solar and storage portfolio across Italy, including 205 MW of operational projects.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In September, Enfinity announced that it had closed €189.6 million (~$209.77 million) financing for constructing eight utility-scale solar projects totaling 157.1 MW capacity in Italy.
