US independent power producer (IPP) Enfinity Global has secured €189.6 million (US$210 million) in financing for the construction of a 157.1MW solar PV portfolio in Italy.
Consisting of eight utility-scale solar projects, which will be located in the central and northern Italian regions of Lazio and Emilia Romagna, the projects are expected to be operational in 2025.
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European banks BayernLB, ING and Rabobank acted as mandated lead arrangers for the project financing through a club deal structure. The funding is split between a non-recourse senior debt of €127.4 million, VAT financing of €17.1 million and €45.1 million in letters of credit facilities for power purchase agreements (PPAs) and PV modules.
“This operation contributes to increase ING’s commitment to renewables, aiming to triple the financing of renewable power generation to €7.5 billion annually by 2025. We look forward to continuing the journey with Enfinity Global in renewables in Italy and elsewhere”, said Diederik van den Berg, managing director and global lead of renewables and power at ING.
Enfinity Global has secured PPAs for the energy produced by the portfolio with Italian utilities A2A—which it secured in July 2024—and Nova Aeg, along with an undisclosed Italian industrial company.
This latest financing comes less than a month after the IPP reached financial close on the development and construction of a 1.5GW solar PV portfolio in Italy.
Moreover, both these financing structures follow up a series of other financing rounds involving the IPP in Italy, which include, among others, €25 million raised in March 2024 and €118 million raised in December 2023.
In Italy, Enfinity Global has a solar PV and energy storage portfolio of 4.8GW, of which permitting projects account for 805MW. Enfinity Global has also signed PPAs for 388MW of solar PV capacity.
