Enfinity Global, a renewable energy project developer, announced that it has closed €189.6 million (~$209.77 million) financing for constructing eight utility-scale solar projects totaling 157.1 MW capacity in Italy. The projects, located in the Lazio and Emilia Romagna regions, are expected to reach commercial operation in 2025.
BayernLB, ING, and Rabobank acted as mandated lead arrangers through a club deal structure for the transaction. The funding will provide €127.4 million (~$140.95 million) of non-recourse senior debt, €17.1 million (~$18.91 million) of VAT financing, and €45.1 million (~$49.89 million) in LC facilities for PPAs, PV modules and dismantling.
Once operational, the projects are expected to generate 271 GWh of clean electricity annually, enough to power 100,000 Italian households.
A2A, Nova Aeg, and other Italian industrial customers have signed long-term power purchase agreements for the clean electricity produced by the portfolio.
“We are grateful to BayernLB, ING, and Rabobank for their partnership in Italy. We appreciate BayernLB’s support in financing 400 MW in Italy to date,” said Carlos Domenech, CEO of Enfinity Global. “Together, we are setting a new standard to finance and develop clean energy in Italy, supporting the country’s energy transition and EU 2030 decarbonization targets.”
Last week, Enfinity Global announced the financial close of €500 million (~$558.73 million) to develop around 1.5 GW of solar projects in Italy. The funding was 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).
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 week, Clearway Energy Group, a developer and operator of clean energy projects, closed $550 million in financing for developing its Rosamond South I solar and storage project in Kern County, California.
