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Enfinity Global Inc., a leading renewable energy company, has secured €165 million in financing to develop three large solar power plants in Italy’s Lazio region. These plants will have a total capacity of 147 MW and are expected to start operating by 2026. The energy generated will be sold under long-term power purchase agreements (PPAs) with an international tech company.
The funding was arranged as a club deal with ING and Rabobank acting as the lead lenders and arrangers. It includes €114 million in senior debt without recourse, €51 million for VAT financing, and facilities for the PPAs, solar panels, and decommissioning. The projects will help reduce carbon emissions by 79,500 tons each year, which is the equivalent of taking over 62,000 cars off the road in Italy annually.
In 2024, Enfinity secured €865 million in financing to support the growth of its 4.8 GW portfolio of solar and storage projects in Italy. This includes 205 MW of projects already up and running. Enfinity is Italy’s leading independent power producer (IPP) in terms of approved projects, with 805 MW of solar projects authorized, as reported in Elemens’ “Q4 Dev&Deals” report. The same report highlights Enfinity’s dominance in the solar PPA market in Italy, having signed agreements for 535 MW in less than two years with major companies like Feralpi, Nova AEG, and utilities including A2A and Statkraft.
Carlos Domenech, CEO of Enfinity Global, said in a statement, “We are grateful to ING and Rabobank for their steadfast support in advancing our portfolio in Italy. Together, we share a clear vision to accelerate the deployment of renewable energy, empowering companies and governments to achieve their energy transition targets.”
Diederik van den Berg, Managing Director, Global Lead Renewables & Power, also mentioned, “ING is extremely proud and grateful to have been selected by an esteemed IPP like Enfinity Global to assist in this important financing in Italy. Our ambitions in renewable energy and geographical footprint closely match that of Enfinity Global. This operation contributes to increasing ING’s commitment to renewables globally, with the aim to triple the financing of renewables to €7.5 billion annually by 2025. We look forward to continuing the journey with Enfinity Global in renewables in Italy and elsewhere.”
Marc Schmitz, Head of Project Finance Europe at Rabobank, stated, “Rabobank Project Finance congratulates Enfinity on another successful Financial close in Italy, and is very happy to have supported them by providing financing together with ING for this portfolio of 3 solar PV projects in the Lazio region in Italy. Rabobank is excited to work with such an experienced and large renewable energy player acting globally and has enjoyed pleasant, efficient, and professional cooperation. This project further strengthens Rabobank’s ambition to be a leading player worldwide and increases our footprint in Italy. We look forward to supporting their growth strategy globally as they continue to build out their portfolio of renewable energy assets.”
The deal was backed by a team of advisors, including Albion, who acted as the documentary and security agent, Gianni & Origoni as the legal advisor for the lenders, DWF as the legal advisor for the borrower, Astris Finance as the financial advisor, Fichtner Italia as the technical advisor, and Marsh as the insurance advisor. |
