PNE Sells 240 MW Solar Project in South Africa

Enfinity Global, a renewable energy company, has agreed to sell a minority stake in its 400 MW operating solar projects portfolio in the U.S. to Kyushu Electric, a Japan-based utility company. Upon completion of the deal, Kyushu Electric will hold a 40% equity interest in the portfolio. Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.

In January 2023, Enfinity Global acquired this contracted portfolio, consisting of 28 operational solar P.V. power plants located in California, North Carolina, and Idaho. This transaction will boost Enfinity’s expansion in the U.S., where the company plans to execute its 11.3 GW proprietary pipeline of projects and pursue further investment opportunities both in M&A transactions and agreements with renewable energy developers.

“Kyushu Electric is an energy leader in Japan, and we are honored to be their long-term partner in this portfolio as we continue to grow rapidly”, said Carlos Domenech, CEO of Enfinity Global. “Our global footprint is a key enabler and differentiator as we bring strategic investors to attractive opportunities in growth markets.”

“This partnership leverages Enfinity’s capabilities to structure, underwrite and finance renewable energy assets, as well as performing asset management and operation activities,” commented Ricardo Díaz, CEO Americas of Enfinity Global.

In September, Enfinity Global announced the acquisition of 546 MW of solar assets under development in Colorado, United States, from the engineering, procurement, and construction (EPC) firm C.S. Energy. The acquisition encompasses three solar projects in Colorado, a region with a mandate to achieve 100% renewable energy by 2050.

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.

OX2, a Sweden-based renewable energy company that develops, funds, and manages large-scale projects, signed an agreement recently to sell 23 M.W. of AgriPV project located in the Loiret region, France, to CVE, a France-based independent renewable energy power producer.