Global alternative investment manager CarVal Investors and renewable energy and services platform Enfinity Global have entered a $300 million loan facility to fund the development of Enfinity’s 3 GW of renewable energy projects.
Enfinity Global is a renewable energy solutions platform with offices across the US, Europe, and Asia, developing energy solutions to help achieve a zero-carbon footprint and enable a sustainable transition to a carbon-free economy worldwide.
CarVal Investors is a global alternative investment manager focused on credit-intensive assets and market inefficiencies with $10 billion in assets under management in corporate securities, loan portfolios, structured credit, and hard assets.
Commenting on the loan, Carlos Domenech, CEO, Enfinity Global, said, “We are very pleased to have CarVal as a partner in our journey. Together we have designed a $300 million facility that aligns sustainable investment guidelines with the execution capabilities required to be a leader in the net-zero carbon economy.”
“We are excited to support Enfinity Global’s growth and leverage our combined expertise,” said Jonathan Hunt, managing director, CarVal Investors.
Enfinity has renewable energy projects globally spread across Mexico, Portugal, Italy, India, and Japan.
Last year, the company closed a funding round of $20 million from funds managed by Spring Creek Investment Management. The investment was made in two tranches: $10 million at the holding company; and $10 million in a joint warehouse facility to fund the development of 450 MW in Italy. Spring Creek is an investment manager based in Philadelphia investing in a broad range of industries, including sustainable energy.
According to Mercom Capital Group’s 1H and Q2 2021 Solar Funding and M&A Report, announced large-scale project funding in Q2 2021 came to $4.1 billion in 54 deals, a decrease of 3% quarter-over-quarter compared to the $4.2 billion raised in 41 deals in Q1 2021. In a YoY comparison, large-scale project funding decreased 14%, with $4.8 billion in 38 deals in Q2 2020.