The energy generated from these solar projects will be sold through long-term PPAs. Credit: Porstocker / Shutterstock.

Spanish renewable energy company Enfinity Global has secured €190m ($210m) in financing for the construction of 157MW of utility-scale solar projects in Italy.

Located in the Lazio and Emilia Romagna regions, the solar projects will come online in 2025.

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The financing was arranged through a club deal structure, with BayernLB, ING and Rabobank as the mandated lead arrangers.

The strategic funding arrangement will provide €127.4m of non-recourse senior debt, €17.1m dedicated to VAT financing and €45.1m in letter of credit facilities, which will support power purchase agreements (PPAs), procurement of solar modules and future dismantling costs.

The energy generated from the solar projects will be sold through long-term PPAs.

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Agreements are in place with leading energy firms A2A and Nova Aeg, along with an additional unnamed Italian industrial client.

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Enfinity Global CEO Carlos Domenech stated: “We are grateful to BayernLB, ING and Rabobank for their partnership in Italy. We appreciate BayernLB’s supporting the financing of 400 MW […] to date.

“Together, we are setting a new standard to finance and develop clean energy in Italy, supporting the country’s energy transition and EU 2030 decarbonisation targets.”

In August 2024, Enfinity Global secured a €500m ($558m) deal to develop a 1.5GW solar portfolio in Italy.

The investment was a club deal with Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management and Queensland Investment Corporation (QIC).

The financing package included an “accordion” feature, allowing the investment to expand to €800mn.

Akereos acted as the sole bookrunner, structurer and exclusive debt advisor for Enfinity Global, while Milbank provided legal counsel to Enfinity Global and Ashurst advised the group of investors.