Enfinity Global has announced the financial close of a €500 million ($559 million) financing that, combined with project finance, will fund the development and construction of 1.5 gigawatts of solar assets in Italy.
The funding was provided through an innovative club deal structure in partnership with investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC. The financing also includes an accordion feature that would allow Enfinity to upsize to €800 million ($894 million).
Enfinity currently owns a portfolio of 4.8 gigawatts of solar and energy storage projects in various stages of development in Italy, making the company one of the leading independent power producers serving end customers in the country. The company is currently building 416 megawatts across 17 projects, which have long-term power-purchase agreements with investment-grade customers.
“As Enfinity advances and expands its existing 25.1-gigawatt global p