Enfinity arranges funds to advance 1.5-GW Italian solar pipeline

US-based renewables specialist Enfinity Global Inc announced today that it has arranged fresh funds of EUR 500 million (USD 558.1m) to support the development and construction of 1.5 GW of solar assets across Italy.

The funds were arranged through a club deal structure in partnership with a group of investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and Queensland Investment Corporation (QIC). The terms provide an option to upsize the amount to EUR 800 million.

With an existing 25.1-GW global portfolio, Enfinity currently owns 4.8 GW of solar and energy storage projects in various stages of development in Italy. It is currently building 416 MW across 17 projects, which have long-term power off-take agreements with investment-grade customers.

Earlier this year, Enfinity obtained EUR 25 million in debt financing to bankroll the construction of 134 MW of solar projects in the Italian region of Lazio. The sites have power purchase agreements (PPAs) in place with Italian utility A2A SpA.

(EUR 1 = USD 1.116)

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