ICG announced that its Infrastructure team (“ICG Infra”) has signed a definitive agreement with Enfinity Global to make a €400 million equity investment to fund Enfinity’s near-term growth and the execution of its business strategy.

According to Enfinity Global, this investment will bolster the company’s balance sheet to accelerate the completion of its 17GW portfolio, including 7.3 GW of energy storage assets. With 1 GW of operational assets globally, the company is one of the fastest growing independent power producers, and the leading renewable energy developer in Italy.

ICG Infra will work with Enfinity’s management team to build and operate the existing projects in the long-term, whilst continuing to support organic and inorganic expansion.

“We are excited to be partnering with Enfinity, a market-leading solar energy company, with a clear vision of supporting the transition to a net zero carbon economy. The investment underpins our approach of supporting entrepreneurial and visionary founders who are committed to making meaningful contributions to a more sustainable economy,” Guillaume d’ Engremont, Head of Infra at ICG, commented.

For his part, Carlos Domenech, CEO of Enfinity Global, explained “we are very pleased to partner with ICG in order to accelerate the execution of our projects and address our customers’ 24/7 renewable energy needs. ICG’s strong track record in enabling companies to scale, and their vision for the future of the industry, makes them the perfect partner for Enfinity.”

This investment is expected to close promptly upon receipt of relevant regulatory approvals.