Enfinity Global Secures €165 Million Funding for Solar Projects in Italy
Enfinity Global Inc, a prominent player in the field of renewable energy, has successfully concluded a significant funding transaction worth €165 million aimed at developing a portfolio of three utility-scale solar plants with a combined capacity of 147 MW in Italy's Lazio region. This ambitious project is slated to be operational by 2026 and will feed energy into long-term power purchase agreements (PPAs) with an international technology supplier, ensuring a sustainable revenue stream.
The funding structure utilized for this deal is a club deal format, with ING and Rabobank acting as the lead lenders and arrangers. The total financial package consists of €114 million in non-recourse senior debt, €51 million as VAT financing, and additional credit facilities covering power purchase agreements, photovoltaic modules, and decommissioning processes.
Environmentally, this initiative will have a notable impact, leading to a reduction of around 79,500 tons of carbon emissions annually. To put this into perspective, this is equivalent to taking more than 62,000 cars off the road in Italy each year.
In 2024 alone, Enfinity has garnered a staggering €865 million in funding to support the deployment of its expansive 4.8 GW portfolio of solar and storage projects across Italy, including 205 MW already in operation. Enfinity has emerged as the leading independent power producer (IPP) in Italy based on approved projects, boasting 805 MW of solar projects already sanctioned as reported in the Q4 DevDeals report by Elemens.
This same report illustrates Enfinity's dominance in the solar PPA market in Italy, having secured 535 MW of agreements within a mere two years. These collaborations include partnerships with major corporations and industrial clients, such as Feralpi and Nova AEG, alongside utility companies like A2A and Statkraft.
Carlos Domenech, CEO of Enfinity Global, elaborated on the significance of this funding, expressing gratitude towards ING and Rabobank for their unwavering support in advancing the company's portfolio in Italy. "Together, we share a clear vision to accelerate the deployment of renewable energies and enable businesses and governments to meet their energy transition goals," he stated.
Highlighting its commitment, ING expressed pride in being chosen by such a respected IPP as Enfinity Global to facilitate this vital funding in Italy. The ambitions surrounding renewable energy by ING closely align with those of Enfinity Global, as the bank aims to triple its renewable funding to reach €7.5 billion annually by 2025. Diederik van den Berg, General Manager of Global Lead Renewables Power at ING, emphasized anticipation in continuing their collaborative efforts in renewable energy in Italy and beyond.
Furthermore, Rabobank's Project Finance team commended Enfinity for achieving this financially successful closure in Italy, expressing their pleasure in supporting the financing along with ING for this portfolio of solar photovoltaic projects in Lazio. Marc Schmitz, Head of Project Finance Europe at Rabobank, reflected on the positive, efficient, and professional collaboration with Enfinity to further enhance Rabobank’s global presence.
The operation was bolstered by a team of advisors, including Albion as the documentation and security agent, Gianni Origoni serving as legal counsel for lenders, DWF as legal counsel for the borrower, Astris Finance as financial advisor, Fichtner Italia as technical advisor, and Marsh advising on insurance.
About Enfinity Global
Founded in 2019, Enfinity Global is a leading American renewable energy company with a portfolio of 26.8 GW of renewable projects and storage, which includes operational, under construction, and development assets, alongside an additional 33 GW in earlier stages throughout the United States.
This latest funding marks a significant milestone in Enfinity's efforts to expand its renewable initiatives in Italy, reinforcing the company's commitment to sustainable energy development and its role as a leader in the renewable energy sector.
The funding structure utilized for this deal is a club deal format, with ING and Rabobank acting as the lead lenders and arrangers. The total financial package consists of €114 million in non-recourse senior debt, €51 million as VAT financing, and additional credit facilities covering power purchase agreements, photovoltaic modules, and decommissioning processes.
Environmentally, this initiative will have a notable impact, leading to a reduction of around 79,500 tons of carbon emissions annually. To put this into perspective, this is equivalent to taking more than 62,000 cars off the road in Italy each year.
In 2024 alone, Enfinity has garnered a staggering €865 million in funding to support the deployment of its expansive 4.8 GW portfolio of solar and storage projects across Italy, including 205 MW already in operation. Enfinity has emerged as the leading independent power producer (IPP) in Italy based on approved projects, boasting 805 MW of solar projects already sanctioned as reported in the Q4 DevDeals report by Elemens.
This same report illustrates Enfinity's dominance in the solar PPA market in Italy, having secured 535 MW of agreements within a mere two years. These collaborations include partnerships with major corporations and industrial clients, such as Feralpi and Nova AEG, alongside utility companies like A2A and Statkraft.
Carlos Domenech, CEO of Enfinity Global, elaborated on the significance of this funding, expressing gratitude towards ING and Rabobank for their unwavering support in advancing the company's portfolio in Italy. "Together, we share a clear vision to accelerate the deployment of renewable energies and enable businesses and governments to meet their energy transition goals," he stated.
Highlighting its commitment, ING expressed pride in being chosen by such a respected IPP as Enfinity Global to facilitate this vital funding in Italy. The ambitions surrounding renewable energy by ING closely align with those of Enfinity Global, as the bank aims to triple its renewable funding to reach €7.5 billion annually by 2025. Diederik van den Berg, General Manager of Global Lead Renewables Power at ING, emphasized anticipation in continuing their collaborative efforts in renewable energy in Italy and beyond.
Furthermore, Rabobank's Project Finance team commended Enfinity for achieving this financially successful closure in Italy, expressing their pleasure in supporting the financing along with ING for this portfolio of solar photovoltaic projects in Lazio. Marc Schmitz, Head of Project Finance Europe at Rabobank, reflected on the positive, efficient, and professional collaboration with Enfinity to further enhance Rabobank’s global presence.
The operation was bolstered by a team of advisors, including Albion as the documentation and security agent, Gianni Origoni serving as legal counsel for lenders, DWF as legal counsel for the borrower, Astris Finance as financial advisor, Fichtner Italia as technical advisor, and Marsh advising on insurance.
About Enfinity Global
Founded in 2019, Enfinity Global is a leading American renewable energy company with a portfolio of 26.8 GW of renewable projects and storage, which includes operational, under construction, and development assets, alongside an additional 33 GW in earlier stages throughout the United States.
This latest funding marks a significant milestone in Enfinity's efforts to expand its renewable initiatives in Italy, reinforcing the company's commitment to sustainable energy development and its role as a leader in the renewable energy sector.
Topics Energy）
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