Enfinity Global Raises €400 Million From ICG Infrastructure Arm – EQ
Enfinity Global Inc. has raised €400 million ($429 million) from Intermediate Capital Group Plc’s infrastructure unit.
The Miami, Florida-based renewable energy developer will use the funds to bring its 17-gigawatt portfolio to fruition, according to statement Wednesday. Most of its projects under development, which include 7.3 gigawatts of power storage, are in the US and Italy.
Enfinity’s chief executive officer, Carlos Domenech, said in an interview that the company could pursue a public listing in the future as it works to become a “meaningful participant leader in fighting climate change.”
“To be meaningful, you are going to have to deploy billions of dollars,” he said. “We will recycle some of our projects and re-capitalize the company as we go, but inevitably you need to have both access to private and public markets.”
Enfinity has 1 gigawatt of operational assets globally, according to Wednesday’s statement. The company employs more than 190 people in offices in Europe, Asia and the US.
For ICG, the Enfinity investment furthers a strategy of backing businesses in the renewable energy sector in Europe and the US. The firm raised €1.5 billion for its debut infrastructure fund last year, surpassing a €1 billion target. In July 2022, it acquired British Solar Renewables.
