Strategic Investment to Power 100,000 Homes and Support Italy’s Energy Transition
Enfinity Global Inc, a leading force in the renewable energy sector, has successfully closed €189.6 million in financing to advance its ambitious solar power portfolio in Italy. This major investment will enable the development of 157.1 MW across eight large-scale solar power plants located in the Lazio and Emilia Romagna regions. The plants are slated to commence operations in 2025.
Financing Details and Structure
The financing has been arranged through a club deal structure, with BayernLB, ING, and Rabobank serving as the lead arrangers. The package includes €127.4 million in non-recourse senior debt, €17.1 million for VAT financing, and €45.1 million allocated for LC facilities covering Power Purchase Agreements (PPAs), photovoltaic (PV) modules, and dismantling operations.
Environmental Impact and Power Production
The energy generated from this portfolio will be sold through long-term PPAs recently signed with A2A, Nova Aeg, and a significant Italian industrial client. The plants are expected to produce 271 GWh of clean electricity annually, sufficient to power 100,000 Italian households and reduce CO2 emissions by 122,000 tons.
Significant Milestone for Enfinity Global
This financing marks a significant milestone for Enfinity, underscoring its commitment to advancing Italy’s energy transition. Enfinity currently leads as the top Independent Power Producer (IPP) in Italy, with a total of 805 MW in permitted projects according to Elemens’ Q2 Dev&Deals report. Additionally, Enfinity stands as the foremost solar PPA seller in the country, with 388 MW of projects signed and underway, backed by investment-grade utilities and other corporate clients. The company’s extensive portfolio includes 4.8 GW of solar PV and storage projects throughout Italy.
Statements from Key Stakeholders
Carlos Domenech, CEO of Enfinity Global, commented, “We extend our gratitude to BayernLB, ING, and Rabobank for their instrumental role in securing this financing. Their support is pivotal as we strive to set new benchmarks in financing and developing clean energy projects in Italy, aligning with the country’s energy transition goals and the EU 2030 decarbonisation targets.”
Karin Schramm, Sector Head Renewable Energies at BayernLB, added, “BayernLB is committed to financing progress, and we are pleased to support Enfinity in their Italian projects. Our collaboration with Enfinity, Astris as their financial advisor, and the legal teams from GOP and DWF has been exemplary. Italy remains a crucial market for us, and we are eager to support Enfinity’s expansion across Europe and the US.”
Diederik van den Berg, Managing Director, Global Lead Renewables & Power at ING, remarked, “ING is honoured to partner with Enfinity Global for this vital financing. Our renewable energy goals and geographical focus align closely with Enfinity’s, and this project advances our commitment to tripling renewable power generation financing to €7.5 billion annually by 2025. We look forward to continuing our collaboration with Enfinity in Italy and beyond.”
Marc Schmitz, Head of Project Finance Europe at Rabobank, stated, “Rabobank is delighted to have supported Enfinity through this successful financial close. We have enjoyed working with the Enfinity team and look forward to assisting them with their growth strategy as they expand their renewable energy portfolio.”
