Enfinity Global secures €165 million to build solar power plants in Italy

On December 11, 2024, Enfinity Global Inc. successfully closed €165 million in financing to develop a set of three utility-scale solar power plants located in Italy. This financing marks a significant milestone for the company, which is recognized as a leader in renewable energy initiatives. The projects within this financing are designed to become operational by 2026 and are underpinned by long-term power purchase agreements (PPAs) signed with an international technology provider. The financial deal was arranged through a club deal structure, with ING and Rabobank acting as the lenders and mandated lead arrangers. This collaborative effort underscores a growing trend in sustainable financing, where financial institutions are increasingly committing to support renewable energy projects. The anticipated environmental impact of this development is substantial, with a projected reduction of approximately 79,500 tons of carbon emissions each year. This figure equates to removing more than 62,000 vehicles from circulation on Italy's roads annually. In the current year alone, Enfinity has raised€865 million to support the development of its expansive portfolio totaling 4.8 GW of solar photovoltaic (PV) and storage projects throughout Italy, including 205 MW that are already in operation. Enfinity's notable achievements in the Italian energy market include an impressive 805 MW of approved solar projects, positioning the company as the leading independent power producer (IPP) according to the “Q4 Dev&Deals report” by Elemens. This report also highlights Enfinity's dominance in the solar PPA market, where the company has successfully signed agreements amounting to 535 MW in less than two years, engaging with major corporations and industrial clients, as well as utilities. The CEO of Enfinity Global, Carlos Domenech, expressed immense gratitude toward ING and Rabobank for their crucial support in furthering their renewable energy goals in Italy. In his comments, he emphasized a shared vision with the financial partners to accelerate the launch and development of renewable energy sources, thereby aiding governments and companies in meeting their energy transition objectives. Meanwhile, ING aims to triple its commitment to renewable energy financing to reach €7.5 billion annually by 2025, indicating a robust interest in expanding renewable projects. Rabobank Project Finance, a significant player in this financial operation, also applauded Enfinity's continued success in closing financial deals in Italy. Their partnership not only emphasizes the urgent need for renewable energy solutions but also marks a concerted effort to scale up global and local investments in clean energy. As Italy navigates its energy transition, the collaboration between these companies represents a notable commitment to reducing carbon emissions and fostering sustainable growth in the renewable energy sector.