Enfinity Global announces the closing of €142million for 112 MW in three power plants in Italy – EQ Mag
Miami(FL- USA) : Enfinity Global Inc, a leader in renewable energy, has closed€142millioninlong-term and VAT financing, and LCs facilitiesfor the construction of 112 MW in three utility-scale solar power plants in Italy.
This financing was comprised of two tranches with Santander Corporate & Investment Banking (Santander CIB) and BayernLB providing project financing for twopower plantstotaling 72 MW,and an additionaltranche for 40 MWthat also included Nomura.Theseinstitutions have acted as mandated lead arrangers for each project financing through a club deal structure that includes€85 million of non-recourse senior debt financing, and €57 million of VAT financing and LC facilities (PPA and PV modules).
“We are grateful to partner with three leading financial institutionsand demonstrate the quality of our portfolio and the depth of the financing sector”said Carlos Domenech, CEO of Enfinity Global. “Enfinity Globalhas an additional 318 MWof permitted projects and is committed tobuild out itsincremental 2GWof advanced permitting projects in Italy. Weaim to bring solutions to our customers by delivering predictable and affordable clean energy. Our plan will accelerate the country’s energy independence goal while creating thousands of jobs in the green economy.”
The 112 MW portfolio is located across the Lazio region and is expected to be operational in the first half of 2024. These solar power plants will produce 191GWh of clean electricity per year, enough to power71,000 homes and offset 76,500tons of CO2 emissions, equivalent to the amount captured by3,500mature trees.
Benoit Felix, global head of Structured Debt from Santander CIB said: “We are playing a key role in helping accelerate the energy transition. Supporting Enfinity Global reinforces our leadership positioning in the renewables industry and it is a testament to our commitment to sustainability. Congratulations to Enfinity Global and everyone involved in the execution of these projects.”
“BayernLB is proud to further contribute to an emission-free energy system in Italy and the world. This transaction showed that grid parity projects will become the dominating asset class in the renewable energy sector,” said Jonas Benholz, Head of Project Finance South Europe.
Enfinity Global is a global independent power producer with a portfolio of more than 7GW of renewables in operation, construction, and development in energy markets with strong fundamentals.
The European Union’s REPower EU plan has set the path in Italy for an accelerated deployment of renewables, aiming to reach 30% in total energy consumption and 55% in electricity generation by 2030.
About Enfinity Global
Enfinity Global Inc., together with its subsidiaries, is a US-based leading renewable energy and sustainability services company established in 2018. With offices across US, Asia, and Europe and a pipeline of over 7 GW of projects in different stages of development and operation, the company aims to make a significant contribution to the transition to a net zero carbon sustainable economy. As a global renewable energy solutions platform, Enfinity Global focuses on developing, financing, building, operating, and owning renewable energy assets. Enfinity’s leadership team brings over $37 billion of financing experience in the renewable energy sector and over 15 GW of developed and acquired solar and wind assets.
About Santander Corporate & Investment Banking
Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.
About BayernLB
As a streamlined specialized bank, BayernLB is a major investment lender for the Bavarian and German economies. It is committed to progress. Its customers – companies, savings banks, institutional investors and the public sector – are at the heart of its sustainable approach. In its corporate client business BayernLB focuses on forward-looking sectors like mobility, energy, technology, construction & basic resources and manufacturing & engineering. The Bank helps companies from these industries in particular to successfully develop their business models. As a real estate financier, the BayernLB Group offers 360-degree know-how across the entire value chain of the real estate business – and in a wide variety of asset classes. BayernLB is the central bank to the Bavarian savings banks and for decades has been a proven partner to these institutions and to other savings banks throughout Germany. The Group subsidiary and tech bank DKB provides its more than 4.5 million customers with an excellent client experience and outstanding digital solutions. BayernLB is owned by the Free State of Bavaria and the Association of Bavarian Savings Banks.
