US independent power producer (IPP) Enfinity Global has secured up to €100 million (US$108 million) in financing from asset manager Eiffel Investment Group to advance its solar and energy storage portfolio in Europe. The funding was provided through four of Eiffel’s sustainable investment vehicles.
The transaction marks the first funding dedicated to the Florida-based company’s European portfolio of battery energy storage systems (BESS), which includes 6.4 GW in development with 5.1GW in Italy and 1.3GW in the UK.
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Julio Fournier Fisas, general manager of Enfinity Global for Europe, said: “Enfinity Global continues to expand its presence in the renewables sector leveraging the experience gained in accelerating the energy transition, providing reliable and competitive solutions to the European market.”
Enfinity Global has raised €865 million to date for its European operations through multiple financing agreements. In December 2024, the company secured €165 million (US$173 million) through a club deal structure led by Dutch financial entities ING and Rabobank to build a 147 MW solar PV portfolio in Italy’s Lazio region. The deal was backed by a long-term power purchase agreement (PPA) and included €114 million in non-recourse senior debt and €51 million in VAT and LC facilities.
Prior to this, Enfinity Global closed €189.6 million in financing to build a 157.1MW solar PV portfolio across eight projects in Italy’s Lazio and Emilia Romagna regions. The funding included €127.4 million in non-recourse senior debt, €17.1 million in VAT financing, and €45.1 million in letters of credit for PPAs and modules.
In August 2024, Enfinity secured a €500 million investment to develop a 1.5GW solar PV portfolio in Italy, with the option to increase the facility to €800 million through an accordion feature.
Beyond the European Union, the company invested in a 250MW solar PV portfolio in Japan, securing US$164 million in financing. The portfolio, valued at over US$1 billion, included seven operating utility-scale projects, generating more than 300 GWh of energy annually.
Bolstering its US portfolio, Enfinity secured a US$97 million structured credit facility with Nomura to support a 608MW portfolio of solar assets. The facility includes a potential US$400 million upsize.
Recently, Enfinity announced a 2GW utility-scale solar PV and wind portfolio across several Indian states, targeting government utilities and commercial customers.
Enfinity Global has a total BESS capacity of 12.9GW and a total solar portfolio of 35.5GW worldwide, including 1.1GW of operational assets across the US, Italy, Japan, and India, with an additional 1.3GW currently under construction. The BESS capacity is distributed across key markets with 6.6GW in the US, 4.7GW in Italy, 1.3GW in the UK, 210MW in India, and 102MW in Japan.
