Enfinity Global announces acquisition of solar portfolio

17th February 2022

James Anstee

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Enfinity Global has announced the acquisition of a 250 MW solar photovoltaic portfolio in Japan with an enterprise value of $1bn. This acquisition consolidates Enfinity Global's platform in Japan and positions the company for further expansion in the country.

The acquisition includes three operational large-scale solar power plants and five projects currently under construction throughout Japan. The operational plants currently total 70 MW. 180 MW are under construction, with 80 MW planned to reach operations in 2022 and 100 MW in 2023. With this addition, Enfinity Global's platform in Japan stands at 281 MW across nine owned and managed projects, which operate under the Feed in Tariff program.

"The acquisition of this portfolio consolidates Enfinity's positioning as one of the leaders in Japan's renewable market. We believe the market will grow significantly to support Japan's ambitious 2050 decarbonization target. Our team's expertise places Enfinity in an excellent position to play an important role in this new scenario", said Carlos Domenech, CEO of Enfinity Global.

Peter Hennessy, Enfinity Global's VP of Business Development, added, "Over the last 7 years, members of our team have been developing these nine projects by successfully combining our local capabilities with global know-how. This acquisition reflects our long-term commitment to Japan."

PAG, one of the largest investment firms in Asia, participated in the investment. Nomura served as sole lead arranger and bookrunner for project financings in the portfolio.

"Nomura is excited to support and provide liquidity to Enfinity Global as it consolidates its platform in Japan and prepares for future growth globally," said Vinod Mukani, Head of Nomura's Infrastructure and Power Business (IPB), "Nomura is delighted to develop 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."

Japan currently ranks 6th worldwide in cumulative installed renewable power capacity and is committed to carbon neutrality by 2050. To this end, the national government recently approved the 6th Strategic Energy Plan that aims to cut greenhouse gas emissions by 46% and increase renewable energy to 36%-38% of power supplied by 2030. Japan's cumulative installed PV capacity is targeted to reach 150 GW by 2030 from 67GW in 2020. (Sources: Japanese Ministry of Economy Trade and Industry and IRENA)