- Enfinity Global Inc has now completed the purchase of a 400 MW portfolio of PPA- backed solar parks located in the US.
- The new acquisitions add to Enfinity’s over 7GW global portfolio of projects that have already been commissioned or are still under development and construction.
Enfinity Global Inc has now completed the purchase of a 400 MW portfolio of PPA- backed solar parks located in the US. According to the renewable energy company, the acquisition was from Swiss asset manager Capital Dynamics.
The value of the transaction which was agreed upon last September was not revealed.
The acquisition now raises the number of utility-scale photovoltaic plants owned by Enfinity across California, North Carolina and Idaho to 28. All plants have power purchase agreements (PPAs) in place with investment-grade utilities and generate recurrent earnings before interest, tax, depreciation and amortisation (EBITDA) of around USD 45 million (EUR 42m) annually.
The farms, commissioned all within the past five years, have a combined output capacity of 1,175 GWh per year, equivalent to the electricity demand of about 64,000 US homes.
The new acquisitions adds to Enfinity’s over 7GW global portfolio of projects that have already been commissioned or are still under development and construction. The company has funded the purchase with debt from Nomura, Bayerische Landesbank, Commonwealth Bank of Australia, Fifth Third Bank and Zions Bancorporation NA.
“We will continue to expand our presence in the US 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 Global.