Enfinity Global, a leader in renewable energy, has closed €189.6 million in financing for the construction of 157.1 MW in eight utility-scale solar power plants in Lazio and Emilia Romagna regions, Italy.
These solar power plants are expected to become operational in 2025. BayernLB, ING, and Rabobank acted as mandated lead arrangers for the project financing through a club deal structure. The funding will provide €127.4 million of non-recourse senior debt, €17.1 million of VAT financing, and €45.1 million in LC facilities for PPAs, PV modules and dismantling, Enfinity Global.
Enfinity Global has already signed Power Purchase Agreements (PPA) with A2A, Nova Aeg and another Italian industrial customer for selling solar power.
The environmental impact of solar power will translate into producing 271 GWh of clean electricity per year, enough to power 100,000 Italian homes and offset 122,000 tons of CO2 emissions.
Enfinity is currently the leading IPP in Italy in terms of permitted projects, totaling 805MW according to Elemens’ Q2 Dev&Deals report. In addition, Enfinity is the top solar PPA seller in Italy, with a total of 388 MW signed and under construction with investment-grade utilities and other corporate customers. The company owns 4.8 GW of solar PV and storage projects in the country.
“We appreciate BayernLB’s supporting the financing of 400 MW in Italy to date,” said Carlos Domenech, CEO of Enfinity Global. “Together, we are setting a new standard to finance and develop clean energy in Italy, supporting the country’s energy transition and EU 2030 decarbonization targets.”