Enfinity Global Raises $242 Million Funding For Solar Plants

Enfinity Global, a provider of sustainability and renewable energy services with headquarters in Belgium, has obtained $242 million funding (about ¥29 billion) in long-term financing for three utility-scale solar PV projects in Japan that were just finished and have a combined capacity of 70 MW.

Under the feed-in-tariff (FIT) arrangement, the power plants have 18 years left on their contracts. Aozora Bank, a Japanese commercial financier, served as lead arranger, with Nomura, a global financial institution, serving as the original lead arranger and sole bookrunner.

Back in February, Enfinity paid US$1 billion for a 250MW solar portfolio in Japan that included five projects that were still in the planning stages and a total capacity of 180MW. The portfolio included three large-scale solar power plants that were already operational and had a combined capacity of 70MW.

According to RTS Corporation, Japan is expected to have 111GW of installed solar by 2025 and 154GW by 2030 in a “business as usual” scenario. However, under an “accelerated scenario,” installed PV might reach 115GW by 2025 and exceed 180GW by 2030.

The Japanese government had announced a plan in October of last year to increase the country’s objective for renewable energy in the mix of electricity generation to between 36 and 38 percent by 2030. As per some reports, the country is also mulling to increase its target to 108 GW of renewable energy by 2030.

The CEO of Enfinity Global Carlos Domenech stated, “We are committed to supporting Japan’s ambitious aim to achieve carbon neutrality by 2050. We are appreciative of the faith our financial partners, Nomura and Aozora Bank, have placed in us.”

Earlier, to finance the construction of Enfinity’s 3GW of renewable energy projects, CarVal Investors and Enfinity Global Inc. had entered into a $300 million loan arrangement last September 2021. CarVal Investors is a United State based global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies.

Enfinity Global is one of the key solar power companies in Japan that plays a key role in the energy transition. Earlier this year, the company announced acquisition of a 250 MW solar PV portfolio in Japan with an enterprise value of $1 billion. Enfinity Global claims that this consolidated its position as one of the industry leaders in Japan.