Spanish renewable energy company Enfinity Global has secured a €500m ($558m) deal to develop and construct a 1.5GW solar asset portfolio in Italy.
The investment has been structured through a club deal, involving a consortium of partners: Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and the Queensland Investment Corporation (QIC).
Infranity investment director Garbiñe Unda Barturen stated: “Infranity is a very committed and deeply experienced investor in the renewable energy sector in Europe.
“As such, we are very pleased to support the growth of our partner Enfinity by providing substantial financing to their portfolio of solar PV [photovoltaic] assets in Italy.
“Future capital needs to finance further energy transition are very substantial and Infranity will continue to actively support it.”
The financing package also includes an "accordion" feature, which could potentially increase the investment to €800m.
With 4.8GW of solar and energy storage projects at various stages of development in Italy, Enfinity is poised to become a leading independent power producer in the region.
It is constructing 416MW power generation capacity via 17 projects, each secured with long-term power purchase agreements from investment-grade clients.
Enfinity Global CEO Carlos Domenech said: “We are grateful to Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and QIC for their investment and partnership in building this uniquely positioned 1.5GW portfolio.
“The energy transition to a sustainable, carbon-neutral 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.”
Akereos served as the sole bookrunner, structure and exclusive debt advisor for Enfinity Global, while Milbank provided legal counsel to Enfinity Global and Ashurst acted as legal advisor for the group of investors.
In January 2024 Enfinity Global acquired 400MW utility-scale solar portfolio in the US from Capital Dynamics.
The portfolio has the potential to generate 1.175 gigawatt hours of clean energy per year, enough to power 64,000 homes.
