US-based renewable energy specialist Enfinity Global has secured €500 mln in financing which, combined with project finance, will fund the development and construction of 1.5 GW of solar assets in Italy.
The funding has been provided through a club deal structure in partnership with investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC (Queensland Investment Corporation). The financing also includes an accordion feature that would allow Enfinity to upsize to €800 mln.
Enfinity currently owns a portfolio of 4.8 GW of solar and energy storage projects in various stages of development in Italy, which positions the company as one of the largest 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 1.5 GW 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.'
Ricardo Diaz, Americas CEO and global head of capital at Enfinity Global, added: '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.'
Akereos acted as sole bookrunner, structurer, and exclusive debt advisor to Enfinity Global. Milbank served as legal advisor to Enfinity Global and Ashurst served as legal advisor to the club of investors.
