Enfinity Global Closes €142 Mn for 3 Power Plants in Italy
Enfinity Global has closed EUR 142 million in long-term and VAT financing, and LCs facilities for the construction of 112 MW in three utility-scale solar power plants in Italy.
December 22, 2022. By Manu Tayal
This financing was comprised of two tranches with Santander Corporate & Investment Banking (Santander CIB) and BayernLB providing project financing for two power plants totaling 72 MW, and an additional tranche for 40 MW that also included Nomura.
Further, these institutions have acted as mandated lead arrangers for each project financing through a club deal structure that includes EUR 85 million of non-recourse senior debt financing, and EUR 57 million of VAT financing and LC facilities (PPA and PV modules).
Commenting on the development, Carlos Domenech, CEO of Enfinity Global, said “We are grateful to partner with three leading financial institutions and demonstrate the quality of our portfolio and the depth of the financing sector.”
“Enfinity Global has an additional 318 MW of permitted projects and is committed to build out its incremental 2 GW of advanced permitting projects in Italy. We aim 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,” Domenech added.
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 191 GWh of clean electricity per year, enough to power 71,000 homes and offset 76,500 tons of CO2 emissions, equivalent to the amount captured by 3,500 mature 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.
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