Enfinity Global, a renewable energy project developer, secured $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent.
The project is located in Aomori Prefecture in northern Japan and was recently completed and is expected to produce more than 75 GWh of clean energy annually, enough to supply 11% of Aomori City’s residential energy demand, or about 15,600 households and offset 35,000 tons of CO2 emissions annually.
This newly operational solar project is part of the 250 MW solar PV portfolio owned by Enfinity Global in Japan.
“We are committed to supporting Japan’s plan to become carbon neutral by 2050 by leveraging our global capabilities and being a long-term investor. We appreciate the confidence of our financing partners, Nomura and Aozora”, said Carlos Domenech, CEO of Enfinity Global. “Japan is at an inflection point where clean energy has become a competitive necessity.”
“Nomura is excited to provide a bespoke financing solution to support Enfinity Global in its goal of helping Japan reach carbon neutrality,” said Vinod Mukani, Head of Nomura’s Infrastructure and Power Business (IPB). “Nomura is delighted to support and provide liquidity to its clients, particularly those like Enfinity Global who have experienced and talented teams and an attractive business strategy which is contributing towards the transition to a clean energy economy.”
According to Mercom’s recently released Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Recurrent Energy, a solar project developer and a wholly-owned subsidiary of Canadian Solar, recently secured 343 million Brazilian Reais (~$70 million) of non-recourse project financing from Banco do Nordeste do Brasil (BNB) for the Jaiba III solar project in Brazil.
