The American independent power producer (IPP) Enfinity Global has successfully secured financial closure on a €500 million (US$558 million) investment to support the growth and building of a 1.5GW solar photovoltaic (PV) portfolio in Italy.
The financing for this initiative has been facilitated through a unique collaborative arrangement with investors Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and QIC (Queensland Investment Corporation). This innovative funding model incorporates an accordion feature that enables the IPP to potentially increase it to €800 million.
Following previous successful funding rounds, the IPP has now secured its latest investment for the Italian solar portfolio. In December 2023, they obtained €118 million, and in March of this year, an additional €25 million was secured.
Presently, the company is actively constructing 416MW of solar capacity in Italy, spread across 17 projects. These projects have successfully secured long-term power purchase agreements (PPAs). In fact, just last month, a new PPA was signed with the Italian utility A2A. The agreement entails the supply of electricity from six solar plants, collectively generating 134MW of power.
Ricardo Diaz, Americas CEO and Global Head of Capital at Enfinity Global, emphasized the crucial role of capital formation in the company’s ongoing development and expansion of its existing 25.1 GW global portfolio. With a focus on robust energy markets and strategic partnerships with investors and financial institutions, Enfinity aims to establish enduring relationships that drive efficient scaling and create value throughout the value chain, ultimately meeting the needs of its customers.
Enfinity, a company specializing in renewable energy, boasts a portfolio of solar and energy storage assets totaling 4.8GW in Italy. After a period of stagnation lasting nearly a decade, the Italian solar market has experienced a remarkable revival in recent years. In fact, the country witnessed the addition of 5.2GW of solar photovoltaic (PV) capacity last year, marking the highest increase in over ten years. The momentum has carried into this year, with installations showing a remarkable surge, particularly in the utility-scale sector. Between Q1 2024 and Q1 2023, utility-scale installations recorded an impressive 373% growth.
