2 days ago
Enfinity Global sells minority stakes in two BESS projects
Enfinity Global has divested 49% of its interest in two significant battery energy storage system (BESS) projects, with a combined capacity of 380MW, to Daiwa Energy & Infrastructure.
The projects, located in the US and Italy, will enhance grid resilience and meet increasing power demands.
The US-based project is situated in the Houston zone of the Electric Reliability Council of Texas area and has a 250MW BESS with a two-hour duration and 500 megawatt hours (MWh) capacity.
Located in the Veneto region, the Italian project comprises a 130MW BESS with a four-hour duration and 520MWh capacity. Operations for both projects will commence by 2027.
Enfinity Global maintains a controlling stake of 51% and is tasked with overseeing the development, construction and long-term asset management of both projects.
Enfinity Global CEO Carlos Domenech stated: 'We are honoured to partner with Daiwa Energy & Infrastructure, one of Japan's leading financial institutions, to bring new investments to the USA and Italy.
'This is a win-win outcome and creates a demonstrable case study, strengthening the grid capabilities, accelerating powering of reliable competitive clean energy for customers, cross-border capital investments at attractive returns, and bringing the best global solutions by long-term responsible sponsors.'
The partnership with Daiwa will bolster infrastructure to support data centres, AI and industrial electrification in both regions.
Legal aspects of the transaction were managed by Winston & Strawn and DLA Piper for Enfinity Global, while Daiwa Energy & Infrastructure sought counsel from Orrick Herrington & Sutcliffe, Ensight Energy Consulting and Ernst & Young.
Enfinity's global head of capital and general manager for the Americas Ricardo Diaz stated: 'We are pleased to be able to bring in Daiwa Energy & Infrastructure as a capital partner to our BESS projects in the US and Italy. Bringing long-term, like-minded investors as shareholders in our global portfolios is central to our capital formation strategy to accelerate growth and optimise returns.'
In a related development, Enfinity Global secured a €100m ($112.2m) bond facility from Eiffel Investment Group to propel the deployment of energy storage and solar photovoltaic projects across Europe.
"Enfinity Global sells minority stakes in two BESS projects" was originally created and published by Power Technology, a GlobalData owned brand.
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