Enfinity Global Set to Build Four Solar Power Plants in Italy

solar power plant

US-headquartered global renewable energy developer Enfinity Global closed a financial deal amounting to €118 million. Enfinity’s investment in Italy is earmarked for the construction of four utility-scale solar power plants that are stated to have the capacity to collectively generate 101 megawatts energy.

The plants are located strategically in the region of Lazio in Italy and the commencement of operations are slated to begin by 2024. The financing will provide €77 million of non-recourse senior debt and €41 million of VAT financing. Plus, it will offer LC facilities for power purchase agreements (PPAs) and PV modules.

The financing structure is orchestrated through a club deal framework involving the participation of prominent financial institutions, such as BayernLB, UniCredit, and Siemens Financial Services (through Siemens Bank). The institutions have all acted as mandated lead arrangers for each of the project’s financing needs.

Enfinity Global’s CEO, Carlos Domenech, expressed enthusiasm about the collaboration with the financial partners and reiterated their commitment to strengthen Italy’s energy landscape. He added that they would also adhere to carbon emission reduction targets. In this context, he highlighted the company’s dedication to delivering competitive clean energy solutions in alignment with Italy’s energy needs.

Leaders from BayernLB, UniCredit, and Siemens Bank applauded the commitment of Enfinity Global in terms of supporting and contributing to Italy’s clean energy goals. They highlighted the significance of well-structured financing solutions in facilitating large-scale renewable energy projects and underlined their institutions’ dedication to supporting the transition towards a sustainable and low-carbon economy.

The four plants will produce clean electricity annually to the tune of 172GWh. The electricity generation is stated to be enough to power up 64,000 homes. Moreover, it can offset 69,000 tons of CO2 emissions.

Julio Fournier Fisas, CEO of Europe at Enfinity Global stated that Italy was a core strategic market for them. He added that they are looking to continue to grow their existing portfolio through in-house development, co-development agreements with partners, and acquisitions. Moreover, according to Fisas, Enfinity Global will invest €3 billion in Italy over the next three years.