Miami, FL (US), January 10, 2023. Enfinity Global Inc. (EG), a leader in the energy transition, today announced it has completed the acquisition of a 400 MW operational utility-scale solar portfolio, marking a milestone in the expansion of the company in the US.
In September 2022, Enfinity Global signed a definitive agreement with Capital Dynamics to acquire a diversified contracted portfolio, consisting of 28 operational solar PV power plants located in California, North Carolina and Idaho, generating recurrent EBITDA of approximately $45 million per year with investment grade counterparties.
The portfolio reached COD within the last five years and holds long-term Power Purchase Agreements with investment grade utility off-takers. It produces 1,175 GWh of clean electricity per year, enough to power up to 64,000 US households and offset 508,000 tons of CO2 emissions, which is equivalent to taking 110,000 cars off the road.
Enfinity Global is one of the fastest-growing investors, owners, operators, and developers of renewable energy assets, with an existing global portfolio of over 7 GW of power plants in operation, under construction and in different stages of development in energy markets with strong fundamentals.
“We are thankful for the opportunity to work with Capital Dynamics with the support of our investment partners”, commented Carlos Domenech, CEO of Enfinity Global. “The US alone invested over $100 billion in renewable energy in 2021. To succeed in the energy transition, sound investments need to be aligned to capital in scale.”
Funds managed by AB CarVal, an established global alternative investment manager, and Nomura, a global financial institution, acted as co-financing partners to Enfinity Global.
“We are grateful for the trust shown by our financing partners, Nomura and AB CarVal,” commented Ricardo Díaz, CEO Americas of Enfinity Global. “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.”
“We are pleased to partner with Enfinity Global and Nomura on the strategic acquisition of this portfolio and help support Enfinity’s growth as a global renewable operator,” said Jerry Keefe, a principal with AB CarVal.
“Nomura is excited to support and provide liquidity to Enfinity Global as it expands its global platform in the United States and prepares for future growth globally,” said Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business (IPB). “Nomura is delighted to develop creative solutions for its clients, particularly those like Enfinity Global who have experienced and talented teams and an attractive business strategy which is contributing towards the transition to a low-carbon economy.”
“We are pleased to support Enfinity as they continue their expansion. Enfinity is one of the leading renewable developers, and we are excited to support them with a creative financing solution to support this groundbreaking acquisition in the US,” said Alain Halimi, Executive Director of Nomura’s IPB.
Enfinity Global was advised on this transaction by an advisory team from CCA Capital LLC and a legal team at McDermott Will & E
mery LLP.
Other lenders who provided funding at closing included Bayerische Landesbank, New York Branch, Commonwealth Bank of Australia, Fifth Third Bank, National Association, Zions Bancorporation, N.A.
About Enfinity Global:
Enfinity Global Inc., together with its subsidiaries, is a US-based leading renewable energy and sustainability services company established in 2018. With offices across US, Asia, and Europe, and a pipeline of over 7 GW of projects in operation and different stages of development, the company aims to make a significant contribution to the transition to a net zero carbon sustainable economy. Enfinity’s leadership team brings over $37 billion of financing experience in the renewable energy sector and over 15 GW of developed and acquired solar and wind assets. www.enfinity.global
About AB CarVal:
AB CarVal is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, its experienced team has navigated through ever-changing credit market cycles, opportunistically investing $139 billion in 5,660 transactions across 82 countries. Today, AB CarVal has approximately $15* billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. www.abcarval.com.
*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently eligible to generate management fees. Fee-eligible assets includes capital that is committed to an AB CarVal Fund, but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal’s management that are not generating fees due to the maturity of the Fund.
About Nomura:
Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. www.nomura.com.
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