Enfinity Global Inc, a leader in renewable energy, today (Dec 4) announced that it has closed 118 million in financing for the construction of 101 MW in four utility-scale solar power plants located in the region of Lazio (Italy), which are expected to become operational in 2024.
UniCredit, BayernLB, and Siemens Financial Services through Siemens Bank have acted as mandated lead arrangers for each project financing through a club deal structure. The financing will provide 77 million of non-recourse senior debt, 41 million of VAT financing, and LC facilities for PPAs and PV modules.
The positive environmental impact of these four plants will translate into the production of 172 GWh of clean electricity per year, enough to power 64,000 Italian homes and offset 69,000 tons of CO2 emissions, equivalent to the amount sequestered by 3,100 mature trees.
"We are delighted to partner with UniCredit, BayernLB, and Siemens Bank for this initial set of projects as we build our existing 4 GW portfolio in Italy", said Carlos Domenech, CEO of Enfinity Global. "We are pleased to bring competitive clean energy to Italy in support of the country's net energy needs and carbon emission reduction targets."
Enfinity Global is currently building four additional projects in Italy, totaling 134 MW, in the province of Viterbo (Lazio), for which it previously closed 165 million in financing.
"We expect to invest 3 billion euros over the next 3 years in Italy as we continue to advance our projects", commented Julio Fournier Fisas, CEO for Europe of Enfinity Global. "Italy is a core strategic market for us, and we are looking to continue to grow our existing portfolio through in-house development, co-development agreements with partners, and acquisitions."
"In line with our purpose to empower communities to progress, at UniCredit, we strive for a meaningful progress towards a more sustainable, inclusive, and equitable society. We are therefore proud of sustaining Enfinity investment plans in Italy, as they perfectly fit our ESG strategy and our commitment to favoring the transition to a low-carbon economy, based on green energy, for the benefit of the communities we serve" commented Marco Bortoletti, Regional Manager Lombardia at UniCredit.
"BayernLB is delighted to further broaden our contribution to Italy's clean energy ambitions with the successful closing of the second transaction for Enfinity Global in Italy," commented Karin Schramm, Sector Head Renewable Energy at Bayern LB. "The increasing emphasis on grid parity projects reinforces our dedication to fostering an emission-free energy system and accelerating the energy transition. We congratulate Enfinity Global for their relentless efforts in promoting a cleaner and more sustainable energy landscape."
"Financing plays a key role in bringing large-scale ventures to life, especially when investing in capital-intensive infrastructure like solar power plants. Significant energy projects like this emphasize the critical role of well-structured financing solutions. We are proud to continue our support as a leading financer for renewables and enabler on the way to a more sustainable future," commented Siobhan Smyth, CEO of Siemens Bank GmbH and Head of Project and Structured Debt EMEA/Asia, Siemens Financial Services.
About Enfinity Global
Enfinity Global Inc., together with its subsidiaries, is a US-based leading renewable energy and sustainability services company established in 2018. The company owns a portfolio of 20 GW of renewable energy and storage projects, including operational assets, under construction, and in different stages of development. With offices across US, Europe, Japan, and India, the company aims to make a significant contribution to a sustainable net zero carbon economy. Enfinity's leadership team is one of the most experienced global teams in renewables and brings over $37 billion of financing experience in the renewable energy sector with over 15 GW of developed and acquired solar and wind assets. www.enfinity.global / Follow Enfinity Global on LinkedIn
About UniCredit
UniCredit is a pan-European Commercial Bank with a unique service offering in Italy, Germany, Central and Eastern Europe. Our purpose is to empower communities to progress, delivering the best-in-class for all stakeholders, unlocking the potential of our clients and our people across Europe. We serve over 15 million customers worldwide. They are at the heart of what we do in all our markets. UniCredit is organized in four core regions and two product factories, Corporate and Individual Solutions. This allows us to be close to our clients and use the scale of the entire Group for developing and offering the best products across all our markets. Digitalization and our commitment to ESG principles are key enablers for our service. They help us deliver excellence to our stakeholders and creating a sustainable future for our clients, our communities, and our people.
About BayernLB
As a streamlined specialized bank, BayernLB is a major investment lender for the Bavarian and German economies. It is committed to progress. Its customers - companies, savings banks, institutional investors, and the public sector - are at the heart of its sustainable approach. In its corporate client business BayernLB focuses on forward-looking sectors like mobility, energy, technology, construction & basic resources and manufacturing & engineering. The Bank helps companies from these industries in particular to successfully develop their business models. As a real estate financier, the BayernLB Group offers 360-degree know-how across the entire value chain of the real estate business - and in a wide variety of asset classes. BayernLB is the central bank to the Bavarian savings banks and for decades has been a proven partner to these institutions and to other savings banks throughout Germany. The Group subsidiary and tech bank DKB provides its more than 4.5 million customers with an excellent client experience and outstanding digital solutions. BayernLB is owned by the Free State of Bavaria and the Association of Bavarian Savings Banks.
About Siemens Financial Services
Siemens Financial Services (SFS) - the B2B financing arm of Siemens - provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions - including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitating the energy transition and enabling high-quality healthcare. Supporting the Siemens DEGREE framework, SFS is one of the leading providers in financing greenfield renewable projects. www.siemens.com/finance.
