Enfinity Boosts Renewable Portfolio with 546 MW Solar Asset Acquisition in US
The projects are expected to generate 1,054 GWh of clean electricity annually
Renewable energy company Enfinity Global has announced the acquisition of 546 MW of solar assets under development in Colorado, United States, from the engineering, procurement, and construction (EPC) firm CS Energy.
The acquisition encompasses three solar projects in Colorado, a region with a mandate to achieve 100% renewable energy by 2050.
The company said this portfolio complements Enfinity’s existing development presence in the Western Electricity Coordinating Council (WECC) region and will seamlessly integrate into the company’s in-house development processes and team.
Anticipated to generate recurrent an EBITDA of approximately $59 million per year, the acquired portfolio features investment-grade counterparties. Construction is expected to commence in the next two years, and once operational, it will generate 1,054 GWh of clean electricity annually.
Enfinity Global has a global portfolio of over 17 GW, including 7.3 GW of energy storage assets and 1 GW of operational assets. In the U.S., it manages a portfolio comprising 400 MW and 28 solar PV power projects across California, Idaho, and North Carolina, in addition to owning 6 GW of solar and storage assets in various stages of development across the country.
Over the past year, the company has secured $380 million in capital investment within the U.S.
Ricardo Díaz, CEO Americas of Enfinity Global, said, “We continue to acquire top-quality portfolios in some of the most promising markets in the U.S. to add and complement our 6 GW proprietary pipeline of projects. Our long-term ownership business model enables us to collaborate with significant investors, stakeholders, and customers, aligning our capabilities to create a zero-carbon future and benefit the communities in which we participate. We remain committed to developing additional projects in Colorado and across the nation.”
Eric Millard, Chief Commercial Officer of CS Energy, said,”We take great pride in developing high-quality utility-scale assets and are enthusiastic about our ongoing commitment to building a clean, sustainable future while nurturing valuable partnerships such as this one.”
Earlier in January, the company acquired a 400 MW operational utility-scale solar portfolio to expand the company’s reach in the U.S.
Last November, Enfinity Global added 205 MW of solar capacity in India with the interconnection of 135 MW projects in Maharashtra. The company acquired six projects from Rays Power Infra in Telangana and Karnataka.
The company also raised $242 million in long-term financing for three solar projects in Japan totaling 70 MW last year.