Enfinity Global, a leader in renewable energy, announced the close of a €500 million financing to fund the development and construction of 1.5 GW of solar assets in Italy.
Leading investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC (Queensland Investment Corporation) are part of the innovative club deal structure. The financing also includes an accordion feature that would allow Enfinity to upsize to €800 million.
Enfinity currently owns 4.8 GW of solar and energy storage projects in various stages of development in Italy.
Carlos Domenech, CEO of Enfinity Global, said: “The energy transition to a sustainable, carbonneutral economy that powers the future requires significant investments. At Enfinity, we take a long-term view as a responsible asset owner, creating value by being a one-stop solution for customers, investors, and partners.”
Enfinity is currently building 416 MW across 17 projects, which have long-term PPAs with investment-grade customers.
“As Enfinity advances and expands its existing 25.1 GW global portfolio, capital formation plays an instrumental enabling role. We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions,” said Ricardo Diaz, Americas CEO and Global Head of Capital at Enfinity Global.
“Future capital needs to finance further energy transition are very substantial and Infranity will continue to actively support it,” commented Garbiñe Unda Barturen, Investment Director at Infranity.
Akereos acted as sole bookrunner, structurer, and exclusive debt advisor to Enfinity Global. Milbank served as legal advisor to Enfinity Global and Ashurst served as legal advisor to the club of investors.