US-based independent power producer (IPP) Enfinity Global has closed €300 million (US$316 million) in equity funding from global alternative asset manager ICG, with another €100 million (US$105 million) expected to close within a year.
Enfinity said that the funding will help its near-term growth and the execution of its business strategy, accelerate the deployment of its “20GW portfolio”, 1GW of which is currently operational globally.
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A significant portion of Enfinity’s solar PV assets are in Italy, where in the last year it has secured US$150 million for 112MW of solar PV, offtake agreements for which have been signed with fellow renewables company Statkraft in a pair of long-term power purchase agreements (PPA).
This equity funding builds on a big year for Enfinity in terms of investment. From January through September 2023, Enfinity Global was the second-largest beneficiary of venture capital funding in the global solar industry during a period where funding for the sector rose 55% year-on-year. This came in the form of a US$428 million investment from ICG in September to support the buildout of the IPP’s then-17GW project portfolio. Deals between Enfinity and ICG now exceed US$700 million.
US solar portfolio minority stake sale
Of its 1GW operational portfolio, 400MW is located in the US. In another announcement yesterday (October 26th), Enfinity sold a minority stake in its 28 operational US solar plants to Japanese utility Kyushu Electric Power Co.
Kyushu will take over a 40% stake in the assets, whilst Enfinity retains the remaining 60% and will be the long-term asset manager of the portfolio. Enfinity said that strategic partnerships form part of its plans to accelerate growth and optimise returns.
“This partnership leverages Enfinity’s capabilities to structure, underwrite and finance renewable energy assets, as well as performing asset management and operation activities”, said Ricardo Díaz, CEO Americas of Enfinity Global.
Last month, the company bought 546MW of PV projects in Colorado from Australian CS Energy. Construction on the portfolio, which consists of three projects, is set to begin “in the next two years”. Enfinity leadership has said that it is planning to continue expansion plans in the US, where its total pipeline portfolio exceeds 11GW.