Enfinity Global, a renewable energy solutions provider based in Miami, Florida, has closed a €500 million (US$552.73 million) financing package to build, own and operate 1.5 gigawatts of solar power assets in Italy.

The funding has been provided through a club deal structure with leading investors including Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and Queensland Investment Corporation (QIC). The facility includes an accordion feature that would allow Enfinity to upsize the amount to €800 million.

Akereos was the sole bookrunner, structurer and debt adviser to Enfinity. Milbank represented Enfinity while Ashurst was legal adviser to the lenders.

The proceeds will be used to finance the development of approximately 25 solar projects. Enfinity currently owns a portfolio of 4.8GW of solar and energy storage projects in various stages of development in Italy, which positions the company as one of the leading independent power producers in the country. Enfinity is currently building 416 megawatts across 17 projects, which have long-term power purchase agreements with investment-grade customers.

Established in 2019, Enfinity owns a portfolio of 25.1GW of renewable energy and storage projects, including operational assets, under construction, and in different stages of development. The company has offices across the United States, Europe, Japan, and India.

“As Enfinity advances and expands its existing 25.1GW global portfolio, capital formation plays an instrumental enabling role. We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions,” says Ricardo Diaz, Enfinity’s chief executive officer of the Americas and global head of capital.