MIAMI, Oct. 25, 2023 /PRNewswire/ -- Enfinity Global, a leader in renewable energy, today announced the successful completion of €300 million equity funding from ICG, the global alternative asset manager. Another €100 million of equity funding is expected to close within a one-year period as part of the broader agreement.

On September 6th, 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 closing announced today comes after the required regulatory approval for the transaction.

This funding will bolster Enfinity Global's balance sheet to accelerate the completion of its 20 GW portfolio, including 8 GW of energy storage assets. With 1 GW of operational assets globally, the company is one of the fastest growing independent power producers, and a leading renewable energy developer in Italy.

The investment further underpins ICG Infra's strategy of investing in market leading businesses within the renewable energy sector in Europe and the US which have an active role in supporting the transition to net zero. ICG Infra will work with Enfinity's management team to build and operate the existing projects in the long-term, whilst continuing to support organic and inorganic expansion.

About Enfinity Global

Enfinity Global is a US-based leading renewable energy and sustainability services company established in 2018. The company owns a portfolio of 20 GW of renewable energy and storage projects, including operational assets, under construction, and in different stages of development. With offices across US, Europe, Japan, and India, the company aims to make a significant contribution to a sustainable net zero carbon economy. Enfinity's leadership team is one of the most experienced global teams in renewables and brings over $37 billion of financing experience in the renewable energy sector.

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years' history, managing $82.1bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.