Enfinity Global has secured financing of 165 million euros to build a portfolio of three large-scale solar plants with a combined capacity of 147 MW, located in the Italian region of Lazio.

The company expects the projects to be operational by 2026, with the energy to be contracted through long-term power purchase agreements (PPAs) with an international technology provider.

The financing includes 114 million euros in senior, non-recourse debt, along with 51 million euros for VAT financing and credit lines covering power purchase agreements, photovoltaic modules, and decommissioning. ING and Rabobank acted as the lead lenders and arrangers.

According to the company, the environmental impact of this new portfolio will result in a reduction of 79,500 tons of carbon emissions per year, equivalent to removing more than 62,000 cars from Italy's roads annually.

The transaction was supported by a team of advisors, including Albion as the document and collateral agent, Gianni & Origoni as legal advisor to the lenders, DWF as legal advisor to the borrowers, Astris Finance as financial advisor, Fichtner Italia as technical advisor, and Marsh as insurance advisor.

Carlos Domenech, CEO of Enfinity Global, stated, “We are grateful to ING and Rabobank for their strong support in advancing our portfolio in Italy.”

Meanwhile, Diederik van den Berg, General Director, Global Lead Renewables & Power, remarked, “ING is very proud and grateful to have been selected by a prestigious IPP like Enfinity Global to assist in this important financing in Italy. This transaction contributes to ING's commitment to global renewables, aiming to triple renewable energy financing to 7.5 billion euros annually by 2025. We look forward to continuing the journey with Enfinity Global in renewables in Italy and beyond.”

Marc Schmitz, Director of Project Finance Europe at Rabobank, said, “Rabobank Project Finance congratulates Enfinity on another successful financial close in Italy and is very happy to have supported them by providing financing alongside ING for this portfolio of 3 photovoltaic solar projects in the Lazio region of Italy. We look forward to supporting their global growth strategy as they continue to develop their renewable energy asset portfolio.”