Enfinity Global Inc, a leader in renewable energy, has closed 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.
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. These institutions have acted as mandated lead arrangers for each project financing through a club deal structure that includes 85 million of non-recourse senior debt financing, and 57 million of VAT financing and LC facilities (PPA and PV modules).
"We are grateful to partner with three leading financial institutions and demonstrate the quality of our portfolio and the depth of the financing sector" said Carlos Domenech, CEO of Enfinity Global. "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."
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.
Enfinity Global is a global independent power producer with a portfolio of more than 7 GW of renewables in operation, construction, and development in energy markets with strong fundamentals.
The European Union's REPower EU plan has set the path in Italy for an accelerated deployment of renewables, aiming to reach 30% in total energy consumption and 55% in electricity generation by 2030.
About Enfinity Global
Enfinity Global Inc., together with its subsidiaries, is a US-based leading renewable energy and sustainability services company established in 2018. With offices across US, Asia, and Europe and a pipeline of over 7 GW of projects in different stages of development and operation, the company aims to make a significant contribution to the transition to a net zero carbon sustainable economy. As a global renewable energy solutions platform, Enfinity Global focuses on developing, financing, building, operating, and owning renewable energy assets. Enfinity's leadership team brings over $37 billion of financing experience in the renewable energy sector and over 15 GW of developed and acquired solar and wind assets. www.enfinity.global
About Santander Corporate & Investment Banking
Santander Corporate & Investment Banking (Santander CIB) is Santander's global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.
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.
