MILAN, Dec. 11, 2024 -- Enfinity Global Inc., a leader in renewable energy, has closed €165 million in financing aimed at building a portfolio of three utility-scale solar power plants with a combined capacity of 147 MW, located in Italy's Lazio region. The projects are expected to be operational by 2026, with the energy contracted under long-term power purchase agreements (PPAs) with an international technology provider.

The financing was orchestrated through a club deal structure, with ING and Rabobank serving as lenders and mandated lead arrangers. This funding includes €114 million in non-recourse senior debt, alongside €51 million for VAT financing, and LC facilities covering PPAs, PV modules, and decommissioning.

The environmental impact of this new portfolio results in a reduction of 79,500 tons of carbon emissions annually, equivalent to removing over 62,000 cars from Italian roads each year.

In 2024 alone, Enfinity has secured €865 million in financing to support the deployment of its 4.8 GW portfolio of solar PV and storage projects across Italy, including 205 MW in operation. Enfinity is Italy's top independent power producer (IPP) in terms of permitted projects, with 805 MW of approved solar projects, according to the "Q4 Dev&Deals report" by Elemens. According to the same report, Enfinity leads the solar PPA market in Italy, having signed 535 MW of agreements in less than two years with major corporations and industrial clients such as Feralpi and Nova AEG, as well as utilities like A2A and Statkraft.

"We are grateful to ING and Rabobank for their steadfast support in advancing our portfolio in Italy," said Carlos Domenech, CEO of Enfinity Global. "Together, we share a clear vision to accelerate the deployment of renewable energy, empowering companies and governments to achieve their energy transition targets."

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", commented Diederik van den Berg, Managing Director, Global Lead Renewables & Power.

"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." said Marc Schmitz, Head of Project Finance Europe at Rabobank.

The deal was supported by a team of advisors, including Albion as documentary and security agent, Gianni & Origoni as lenders' legal advisor, DWF as borrower's legal advisor, Astris Finance as financial advisor, Fichtner Italia as technical advisor, and Marsh as insurance advisor.

About Enfinity Global

Enfinity Global is a leading US-based renewable energy company established in 2019. The company owns a 26.8 GW portfolio of renewable energy and storage projects, including operational, under-construction, and development assets, with an additional 33 GW in earlier stages across the U.S.

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