Enfinity Global Inc (Icg) Gets $500M Funding to Build Solar Plants in Italy

The US group Enfinity Global Inc., a leading operator in the renewable energy sector, participated in since October 2023 by the global asset manager ICG, has obtained a 500 million euro financing which, combined with project financing, will support the development and construction of 1.5 GW of solar plants in Italy, where the operator has started several projects in recent years.

The financing was provided through a club deal structure in partnership with leading investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC (Queensland Investment Corporation), and also includes an “accordion feature” option allowing Enfinity to raise up to €800 million in financing.

In this transaction, Akereos acted as sole bookrunner, structurer and exclusive debt advisor to Enfinity Global, while Milbank and Ashurst acted as legal advisors to Enfinity Global and the investor club deal, respectively.

Enfinity Global has a portfolio of 4.8 GW of solar and energy storage projects in Italy

“We are grateful to Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC for their investment and partnership in building this unique 1.5GW solar portfolio,” said Carlos Domenech , CEO of Enfinity Global. “The energy transition to a sustainable, zero-carbon economy that powers the future requires significant investment. At Enfinity, we take a long-term view as a responsible asset owner and create value by offering a unique solution for our clients, investors and partners.”

“As Enfinity Global moves forward and expands its current global portfolio of 25.1 GW of green energy, capital formation plays a strategic role in project development. We are focused on supporting energy markets by following fundamental principles and partnering with strategic investors and leading financial institutions,” said Ricardo Diaz , CEO Americas and global head of Capital for the company.

“Enfinity Global’s capital formation efforts are focused on building long-lasting relationships that grow efficiently and create value throughout the supply chain as we meet customer needs.”

“Infranity is a strongly committed investor with a great deal of experience in the European renewable energy sector. For this reason, we are very pleased to support the growth of our partner Enfinity by providing significant financing for its portfolio of photovoltaic plants in Italy. The future capital needs to finance a further energy transition are very substantial and Infranity will continue to actively support them”, commented Garbiñe Unda Barturen , Investment Director of Infranity.

The US operator currently has a portfolio of 4.8 GW of solar and energy storage projects in various stages of development in Italy, making it one of the leading independent producers of green energy, the company explained. These include the four utility-scale solar plants and three photovoltaic parks in Lazio for which Enfinity obtained, at the beginning of 2024 and at the end of 2022, financing for, respectively, 118 and 142 million euros.

Additionally, the company is currently building 416 MW of solar across 17 projects , which have signed long-term clean power purchase agreements (PPAs) with tier-one customers. These include a 10-year deal with A2A for 14 MW of solar last month, and with Nova Aeg , Nova Coop ’s energy management company , for 7.8 MW of solar from one of Enfinity’s solar power plants under construction in Emilia Romagna.

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(Featured image by Zbynek Burival via Unsplash)

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