Spanish renewable energy company Enfinity Global has secured €190 million in funding for the construction of 157 MW of utility-scale solar projects in Italy, located in the Lazio and Emilia Romagna regions, set to come online in 2025.
The financing was arranged through a club deal structure with BayernLB, ING, and Rabobank serving as mandated lead arrangers. The package includes €127.4 million in non-recourse senior debt, €17.1 million for VAT financing, and €45.1 million in letter of credit facilities to support power purchase agreements (PPAs), procurement, and future dismantling costs.
Energy generated from these projects will be sold through long-term PPAs with energy firms A2A, Nova Aeg, and an unnamed Italian industrial client.
In August 2024, Enfinity Global secured a €500 million ($558 million) deal to develop a 1.5 GW solar portfolio in Italy, with an option to expand the investment to €800 million.