US independent power producer (IPP) Enfinity Global has secured €25 million (US$27 million) in financing towards the construction of a 134MW solar PV project portfolio in Italy.
Located in the Lazio region of Italy, the portfolio consists of four PV projects due to begin commissioning “progressively” from Q2 2024.
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European asset manager Sienna Investment Managers (SIM) provided the funding through its flagship fund Predirec ENR 2, managed by its French subsidiary Sienna AM France. SIM said that the fund has already financed 2GW worth of renewable energy projects across Europe.
The portfolio in question is contracted under a ten-year power purchase agreement (PPA) with Norway-headquartered IPP Statkraft. The two companies signed an initial 112MW PPA in January 2023, which was expanded in April when Enfinity added another 22MW site, reaching the total 134MW capacity.
Initial financing for this portfolio followed suit. A €142 million (US$150 million) tranche for a 112MW portfolio was secured in December 2022 from a group of European banks, which was then expanded with a further €22.6 million (US$24.8 million) at the time of the second PPA with Statkraft.
In December 2023, Enfinity Global secured €118 million (US$127.88 million) towards 101MW of PV projects in Lazio. These four plants are separate from the newly-financed portfolio. Enfinity has 3.9GW of solar PV and energy storage projects in its project pipeline across Italy.