Renewable energy developer and service provider Enfinity Global has signed a 10-year power purchase agreement with renewable energy generator Statkraft, producing 191GWh of electricity in Italy a year.
The committed energy will be produced by a 112MW utility-scale solar power portfolio owned by Enfinity Global. The portfolio comprises three power plants capable of producing 191GWh of clean electricity per year.
Located in the Viterbo province, the portfolio is expected to be operational in Q1 2024.
“We expect the Italian power purchase agreement market to evolve rapidly, bringing efficiencies and energy predictability to customers,” said Carlos Domenech, CEO of Enfinity Global.
The latest power purchase agreement is the following step of Enfinity Global’s announcement in December 2022, as it closed the project financing worth €142 million ($154.6 million) for the construction of this portfolio.
The financing was delivered in two tranches from Santander Corporate and Investment Banking and BayernLB to cover two projects totalling 72MW capacity, and a third tranche that also included Japanese finance company Nomura for a 40MW facility. In addition, the financing included €85 million (US$90 million) of non-recourse senior debt financing and €57 million (US$60 million) of VAT financing.
Currently, Enfinity Global owns 2.3GW of projects in Italy in the pipeline, including 430MW of fully permitted projects that will start construction in the coming months. It also boasts an existing portfolio of over 7GW of power plants in operation, under construction and in different stages of development in different energy markets.
“With Italy being one of our core markets, we are very enthused to see our company breaking ground in the private power purchase agreement market, together with our partner Statkraft. Our energy management team will keep optimising our energy sales while bringing renewable energy closer and closer to the final customers,” said Julio Fournier Fisas, chief growth officer of Enfinity Global.