Enfinity Global, a U.S.-based renewable energy project developer, announced the financial close of €500 million (~$558.73 million), which will support the development and construction of around 1.5 GW of solar projects in Italy. The funding has been provided through a club deal structure in partnership with several investors, including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and QIC (Queensland Investment Corporation).
The financing also includes an accordion feature, a financial term that allows Enfinity to increase the size of the loan, in this case, from €500 million to €800 million (~$558.73 million to ~$893.97 million), if the need arises.
Akereos acted as sole bookrunner, structurer, and exclusive debt advisor to Enfinity Global. Milbank provided legal advice to Enfinity Global, while Ashurst served as legal advisor to the investors.
“We are grateful to Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and QIC for their investment and partnership in building this uniquely positioned 1.5 GW portfolio,” said Carlos Domenech, CEO of Enfinity Global. “The energy transition to a sustainable, carbon-neutral economy that powers the future requires significant investments. At Enfinity, we take a long-term view as a responsible asset owner, creating value by being a one-stop solution for customers, investors, and partners.”
“As Enfinity advances and expands its existing 25.1 GW global portfolio, capital formation plays an instrumental enabling role. We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions,” said Ricardo Diaz, Americas CEO and Global Head of Capital at Enfinity Global.
Enfinity is currently building 416 MW across 17 projects in Italy, each with long-term power purchase agreements with investment-grade customers. The company owns a portfolio of 4.8 GW of solar and storage projects in various stages of development in the country.
Mercom’s 1H and Q2 2024 Solar Funding and M&A report announced that large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023. This report underscores the growing investment and M&A activity in the solar energy sector.
Last month, Enfinity Global also announced the closure of a $164 million (~JPY 26.24 billion) financing for a 250 MW solar PV project portfolio in Japan.
