US independent power producer (IPP) Enfinity Global has sold a minority stake in a 400MW US solar PV portfolio to Japanese utility Kyushu Electric.
Kyushu has taken a 40% stake in the portfolio which constitutes 28 operational solar PV power plants located in California, North Carolina, and Idaho. Enfinity Global has retained a 60% majority stake and will remain as the long-term asset manager of the portfolio.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
“Our strategy is to partner with investors such as Kyushu Electric that share similar long-term values and goals in the energy markets where we operate”, said Carlos Domenech, CEO of Enfinity Global.
The deal was first signed in October 2023, when Enfinity said that the sale would help to accelerate growth and maximise returns.
Shortly before this deal with Kyushu was announced, in September 2023, Enfinity Global bought 546MW worth of solar PV projects in the US state of Colorado from Australia-headquartered solar developer CS Energy. The capacity is spread across three projects, construction of which is expected to begin by the end of 2025.
The company’s global project pipeline portfolio currently stands at around 17GW; it secured US$428 million from asset manager ICG to support the buildout of this capacity last September. Of that 17GW, Enfinity said in a statement that it has an 11.6GW proprietary pipeline in the US, which it plans to build out “over the next few years and pursue further investment opportunities both in M&A transactions and agreements with renewable energy developers.”
Enfinity received the second-highest venture capital investment of any company in the solar sector in the first three quarters of 2023, securing US$428 million in a period which saw corporate investment into the sector increase by 55% year-on-year.
