Elawan Energy Secures $163 Million for Renewable Project Portfolio in Spain

Infiniti Energy, a solar project developer and independent power producer, announced the closure of an $83 million structured finance facility with Fifth Third Bank, who acted as the administrative agent, to support a portfolio totaling 21 MW commercial solar projects.

The construction facility is being financed through Fiera Private Debt, and Flagstar Bank is providing the tax equity. The financing will support developing, constructing, and operating commercial and industrial (C&I) solar projects in New Jersey, California, and Illinois. Infiniti Energy will build, own, and operate all sites under power purchase agreements (PPAs) with a diverse group of solar off-takers, including retail, commercial, and industrial clients.

Development of the projects is already underway, and completion of the portfolio is expected this year.

“The Infiniti team is excited to build on our expanding partnership with Fifth Third Bank and welcome the opportunity to work with Fiera and Flagstar to support our growing portfolio,” said Michael Kushner, Infiniti Energy CEO. “The projects that Infiniti owns and operates continue to generate affordable and sustainable solar energy for our clients while contributing to our country’s renewable transition.”

According to Mercom’s recently released Q4 and Annual Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

Genesis Energy, a New Zealand-based power and gas utility company and joint venture partner, FRV Australia, completed the financial close on the 63 MW solar project, which is yet to be built in Lauriston on the Canterbury Plains, New Zealand. The solar project is on a 93-hectare site and, once operational, will power the equivalent of nearly 13,000 houses. According to the company, construction contracts have been confirmed, initial work is underway, and procurement of key equipment has started. The expected construction costs are approximately $104 million.