US independent power producer (IPP) Enfinity Global has secured €165 million (US$173 million) in financing for the construction of a 147MW solar PV portfolio in Italy.
Consisting of three utility-scale solar projects in the central region of Lazio, the projects are expected to be operational by 2026.
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A long-term power purchase agreement (PPA) with an undisclosed international technology provider was secured for the projects.
The financing was done through a club deal structure, with Dutch financial entities ING and Rabobank serving as lenders and mandated lead arrangers. The funding includes €114 million in non-recourse senior debt, alongside €51 million for VAT financing, and LC facilities covering PPAs, solar modules and decommissioning of the projects.
This is the latest financing secured by the IPP this year in Italy, bringing its total finance secured in 2024 up to €865 million. This will be used to support the deployment of its 4.8GW solar PV and energy storage portfolio in the country. Last September, it secured €190 million to build 157.1MW of solar PV in the regions of Lazio and Emilia Romagna. Consisting of eight utility-scale solar projects, they are expected to begin operations in 2025.
A month prior to securing the €190 million, Enfinity Global closed a €500 million investment to develop 1.5GW of solar PV in the country.
Moreover, in the space of two years, the US-based IPP signed 535MW of PPA for several of its solar PV projects in Italy. This includes a ten-year PPA with Italian utility A2A for a portfolio of six projects with a combined capacity of 134MW. This portfolio of projects will be built in the regions of Lazio and Emilia Romagna.
Outside of Italy, the IPP secured a US$97 million structured credit facility in October to support the construction of a US portfolio with a combined capacity of 608MW.
