Enfinity Global has secured €300m in equity funding from ICG, the global alternative asset manager.
Another €100m of equity funding is expected to close within a one-year period as part of the broader agreement, the developer added.
On 6 September, ICG and Enfinity Global signed definitive agreements for this investment that will provide funds for Enfinity’s near-term growth and the execution of its business strategy.
The announced closing comes after the required regulatory approval for the transaction.
The funding will bolster Enfinity Global’s balance sheet to accelerate the completion of its 20GW portfolio, including 8GW of energy storage assets, the company said.
With 1GW of operational assets globally, the outfit is one of the fastest growing independent power producers, and a leading renewable energy developer in Italy, it added.
ICG Infra will work with Enfinity’s management team to build and operate the existing projects in the long-term, while continuing to support organic and inorganic expansion.