Enfinity Global, a renewable energy developer and service provider, has reached financial close on 112MW worth of solar PV projects in Italy, representing €142 million (US$150 million) in VAT and long-term financing.
The financing was delivered in two tranches from Santander Corporate and Investment Banking and BayernLB to cover two projects totalling 72MW capacity, and a third tranche that also included Japanese finance company Nomura for a third 40MW facility. The financing included €85 million (US$90 million) of non-recourse senior debt financing and €57 million (US$60 million) of VAT financing.
The projects in question are located across the Lazio region of Italy and expected to become operational in early 2024, with a view to producing 191GWh of power annually.
Carlos Domenech, CEO of Enfinity Global said: “Enfinity Global has an additional 318MW of permitted projects and is committed to build out its incremental 2GW of advanced permitting projects in Italy. We aim to bring solutions to our customers by delivering predictable and affordable clean energy.”
Enfinity Global has a portfolio of 7GW of projects under construction, development or operational globally. In August, the company secured US$242 million in financing for 70MW worth of solar PV projects in Japan.