Enfinity Global has raised €500m at final close of a capital raising, that combined with project finance will fund the development and construction of 1.5GW of solar assets in Italy.
The funding has been provided through an innovative club deal structure in partnership with investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and Queensland Investment Corporation. The financing also includes an accordion feature that would allow Enfinity to upsize to €800m.
Enfinity currently owns a portfolio of 4.8GW of solar and energy storage projects in various stages of development in Italy, which positions the company as one of the leading independent power producers serving end customers in the country.
Carlos Domenech, CEO of Enfinity Global, said: “We are grateful to Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC for their investment and partnership in building this uniquely positioned 1.5GW portfolio.
“The energy transition to a sustainable, carbon-neutral economy that powers the future requires significant investments. At Enfinity, we take a long-term view as a responsible asset owner, creating value by being a one-stop solution for customers, investors, and partners.”
Enfinity is currently building 416MW across 17 projects, which have long-term PPAs with investment-grade customers.
“As Enfinity advances and expands its existing 25.1 GW global portfolio, capital formation plays an instrumental enabling role. We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions,” Domenech added.
Ricardo Diaz, Americas CEO and global head of capital at Enfinity Global, said: “Enfinity’s capital formation efforts are centered around establishing long-lasting relationships that efficiently scale and create value for the entire value chain as we serve customer needs”.
Garbiñe Unda Barturen, investment director at Infranity, said: “Infranity is a very committed and deeply experienced investor in the renewable energy sector in Europe.
“As such, we are very pleased to support the growth of our partner Enfinity by providing substantial financing to their portfolio of solar PV assets in Italy. Future capital needs to finance further energy transition are very substantial and Infranity will continue to actively support it.”
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