Enfinity Global, a renewable energy developer headquartered in the US, has signed yet another power purchase agreement (PPA) with Statkraft, one of Europe's leading renewable energy providers. The PPA is for 34GWh of solar energy produced at one of Enfinity's Italian photovoltaic (PV) facilities. This latest agreement builds on a January agreement the two companies signed for 191GWh of power from a 112MW solar facility in Viterbo province.
Enfinity will add another 22MW solar facility for this new PPA, bringing the total capacity agreement with Statkraft to 134MW/225GWh. Enfinity Global will develop and own the facilities. The new facility was financed with €22.6 million (US$24.8 million) in non-recourse debt financing, VAT financing, and letter of credit (LC) facilities provided by Santander Corporate and Investment Banking and BayernLB.
Carlos Domenech, CEO of Enfinity Global, expressed his gratitude for the opportunity to strengthen the collaboration with Statkfraft, Santander CIB, and BayernLB, stating that “the vast majority of our portfolio is located in regions that together account for more than 80% of the country's electricity demand, which demonstrates our value as a relevant partner for Italy's energy transition.”
Italy is fast becoming a hub for renewable energy development, with Lithuanian developer Green Genius announcing this week plans and financing for a 500MW solar PV portfolio in southern Italy. The south of the country is also host to Enel Green Power's 3GW 3Sun bifacial module facility, due to come online next year, and Solitek's planned 600MW TOPCon factory.
Enfinity's latest PPA underscores the increasing demand for renewable energy in Italy, and the importance of forging long-term partnerships to accelerate the country's transition towards a cleaner energy future.
