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Enfinity Global’s balance sheet will be strengthened by this transaction, allowing it to finish its 17GW portfolio of projects faster, including its 7.3 GW of energy storage facilities.

The company, which has 1 GW of operating assets worldwide, is Italy’s top developer of renewable energy sources and one of the growing independent power providers.

Furthermore, the move reinforces ICG Infra’s objective of making investments in pioneering businesses in the renewable energy sector in Europe and the US that actively assist the move towards net zero.

ICG Infra will collaborate with the management of Enfinity to construct and run the current projects over the long term, while continuing to support both natural and synthetic growth.

Guillaume d’ Engremont, head of Infra at ICG, commented: “We are excited to be partnering with Enfinity, a market-leading solar energy company, with a clear vision of supporting the transition to a net zero carbon economy. The investment underpins our approach of supporting entrepreneurial and visionary founders who are committed to making meaningful contributions to a more sustainable economy.”

Carlos Domenech, CEO of Enfinity Global, added: “We are very pleased to partner with ICG in order to accelerate the execution of our projects and address our customers’ 24/7 renewable energy needs. ICG’s strong track record in enabling companies to scale, and their vision for the future of the industry, makes them the perfect partner for Enfinity.”

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This investment is expected to close soon after receipt of relevant regulatory approvals.