Enfinity Global Secures €316 Million for Solar Energy Projects in Italy

Enfinity Global Inc., a prominent player in the renewable energy sector, has announced the successful closure of a substantial financing deal amounting to €316 million. This funding is designated for the development of eight solar power plants, generating a total capacity of 276 megawatts (MW) across various Italian regions, including Emilia-Romagna, Basilicata, and Lazio. It is anticipated that these facilities will commence operations by the end of 2026.

Project Financing Details

The financing structure was arranged through a club deal, with notable financial institutions such as ING, Rabobank, and BNP Paribas serving as the mandated lead arrangers. These institutions will act as lenders, hedging counterparties, and green loan coordinators for this ambitious project. The financing package comprises €214 million in long-term, non-recourse debt, along with €101 million dedicated to VAT facilities, bank guarantees to cover Power Purchase Agreements (PPAs), photovoltaic modules, and decommissioning expenses.

This significant investment is expected to produce approximately 403 gigawatt-hours (GWh) of energy annually, which will significantly reduce carbon emissions by around 109,000 tons of CO₂ equivalent each year. This reduction aligns with the annual electricity consumption of about 150,000 Italian households.

Commitment to Sustainable Energy

Carlos Domenech, CEO of Enfinity Global, expressed pride in collaborating with Rabobank, BNP Paribas, and ING, emphasizing their shared commitment to accelerating Italy's energy transition. He stated, "This milestone reaffirms our long-term vision and commitment to reinforcing Enfinity as a sustainable energy platform, providing our clients with access to competitive energy solutions that foster growth while promoting investment in Italy and contributing to job creation."

Further highlighting the strategic importance of this project, Julio Fournier Fisas, General Director of Enfinity Global for Europe, emphasized that this financing represents their largest project finance deal to date in Italy, solidifying their market leadership and improving their ability to meet the growing energy demands of industrial and corporate clients.

Previous Success and Future Prospects

With this latest operation, Enfinity Global has secured a total of €1.3 billion in financing in Italy over the past two years. This funding supports the execution of their ambitious portfolio of 8 gigawatts of solar photovoltaic and energy storage projects in the country, which includes 564 MW currently under construction in Lazio and Emilia-Romagna.

Enfinity has emerged as a leader in the Italian solar PPA market, securing 805 MW signed contracts over the last two years with industrial, corporate, and utility clients. This remarkable achievement underscores Enfinity's solid position within the renewable energy landscape.

Collaborative Efforts

Thomas Beaumont, Director of Energy Origination for EMEA at BNP Paribas, commented on their inaugural project financing collaboration with Enfinity, stating that it marks the beginning of a strong partnership in the renewable energy sector. This venture will enhance solar deployment in Italy and reflects BNPP’s commitment to energy transition in one of Europe’s most dynamic markets.

Diederik van den Berg, Managing Director for Global Lead Renewables Power at ING, reiterated their pride in being chosen for this important financing task. He pointed out that this marks their third consecutive agreement with Enfinity in Italy, reinforcing their shared ambition to promote renewable energy and their robust local presence. ING aims to increase their renewable financing to €7.5 billion annually by 2025.

Finally, Marc Schmitz, Head of Project Finance Europe and Asia at Rabobank, congratulated Enfinity Global and the collaborating lenders on the successful closing of this financing focused on solar assets in Italy. Rabobank is eager to cultivate a fruitful collaboration with Enfinity, furthering their mutual goal of leading the clean energy sector globally.

The financing agreement was supported by an adept team of advisors, including Bondholders as documentation and guarantee agents, Gianni Origoni for legal advisory to banks, Bird Bird as Enfinity's legal advisor, Astris Finance for financial advisory, Vector Renewables as technical advisor, PwC for auditing, and MAG Consulting Srl for insurance consulting.

Conclusion

Enfinity Global's commitment to renewable energy and sustainable investments in Italy is more robust than ever. With this recent funding achievement, the company is on a path to transformation and innovation in the energy sector, promising a greener future for generations to come.