Enfinity Global secures €118 million to build four solar plants in Italy

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The projects will be operational next year with an annual power generation capacity of 172GWh. Image: Enfinity Global

US-headquartered global renewable energy developer Enfinity Global has secured €118 million (US$127.88 million) to construct four utility-scale solar PV plants in Italy with a total capacity of 101MW.

Located in the region of Lazio, the projects will be operational next year with an annual power generation capacity of 172GWh. The financing will provide €77 million of non-recourse senior debt, €41 million of VAT financing, and LC facilities for power purchase agreements (PPAs), and PV modules.

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UniCredit, BayernLB, and Siemens Financial Services through Siemens Bank acted as mandated lead arrangers for each project financing through a club deal structure.

“Italy is a core strategic market for us, and we are looking to continue to grow our existing portfolio through in-house development, co-development agreements with partners, and acquisitions,” said Julio Fournier Fisas, CEO of Europe at Enfinity Global.

Looking ahead, Enfinity Global will invest €3 billion in Italy over the next three years, according to Fisas.

Aside from these four solar PV plants, Enfinity Global is also building four projects in the province of Viterbo in the Lazio region. In January 2023, the company signed a 10-year power purchase agreement with renewable energy generator Statkraft, producing 191GWh of electricity in Italy a year.

In April, the company announced that it would add another 22MW solar facility for this new PPA, bringing the total capacity agreement with Statkraft to 134MW/225GWh. Enfinity Global will develop and own the facilities.

Enfinity Global also signed a €400 million agreement with asset manager ICG to spur near-term growth in September. This investment would bolster Enfinity Global’s balance sheet to accelerate the completion of its 17GW renewable energy production and storage projects.

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