Enfinity Global Inc. has completed the acquisition of a 400 MW operational utility-scale solar portfolio, marking a milestone in the expansion of the company in the United States.
In September 2022, Enfinity signed a definitive agreement with Capital Dynamics to acquire a diversified contracted portfolio, consisting of 28 operational solar PV power plants located in California, North Carolina and Idaho, generating approximately $45 million per year.
The portfolio involves long-term power purchase agreements (PPAs) with investment grade utility off-takers. It produces 1,175 GWh of clean electricity per year.
“The U.S. alone invested over $100 billion in renewable energy in 2021,” said Carlos Domenech, CEO of Enfinity. “To succeed in the energy transition, sound investments need to be aligned to capital in scale.”
Headquartered in Miami, Enfinity Global is one of the fastest-growing investors, owners, operators and developers of renewable energy assets, with an existing global portfolio of more than 7 GW of power plants in operation, under construction and in different stages of development in energy markets with strong fundamentals.
Funds managed by AB CarVal, an established global alternative investment manager, and Nomura, a global financial institution, acted as cofinancing partners to Enfinity.
“We will continue to expand our presence in the U.S. market by executing our 1.6 GW proprietary pipeline of projects and pursuing further investment opportunities both in M&A transactions and agreements with renewable energy developers,” said Ricardo Díaz, CEO Americas of Enfinity.
Enfinity Global was advised on this transaction by an advisory team from CCA Capital LLC and a legal team at McDermott Will & Emery LLP.
Other lenders who provided funding at closing included Bayerische Landesbank, New York Branch, Commonwealth Bank of Australia, Fifth Third Bank, National Association and Zions Bancorporation N.A.