Enfinity Global Inc., a pioneer in renewable energy, has closed €142 million in long-term and VAT financing, as well as LCs facilities, for the development of 112 MW in three utility-scale solar power projects in Italy. This financing consisted of two tranches with Santander Corporate & Investment Banking (Santander CIB) and BayernLB providing project financing for two power plants totaling 72 MW, and an additional tranche for 40 MW that also included Nomura. These institutions have acted as mandated lead arrangers for each project financing through a club deal structure that includes €85 million of non-recourse senior debt financing, and €57 million of VAT financing and LC facilities (PPA and PV modules).
The 112 MW portfolio is spread across Lazio and is set to become live in the first half of 2024. These solar energy facilities will be able to offset 76,500 tonnes of carbon dioxide emissions, which is equal to the amount absorbed by 3,500 mature trees, and provide 191 GWh of clean electricity annually, enough to power 71,000 homes. Enfinity Global is a leading independent power producer operating, developing, and developing more than 7 GW of renewable energy projects in energy markets with strong fundamentals.
In September 2022, Enfinity Global announced a definitive agreement with Capital Dynamics (advised by Barclays) to acquire a 400 MW utility-scale solar portfolio in the US, consisting of 28 operational solar PV power plants in California, North Carolina and Idaho. The portfolio reached COD within the last five years and holds long-term power purchase agreements (PPAs) with high-quality utility off-takers.