Enfinity Boosts US Credit Facility to $245m for Solar Growth

• Enfinity Global raises its US credit facility to USD 245 million, fueling a 22-GW solar and storage pipeline slated for rapid build-out across multiple states.

Enfinity Global has more than doubled its US structured credit facility to USD 245 million, giving the renewable-energy developer fresh firepower to accelerate a 22-GW pipeline of solar and battery-storage projects across the country.

The upsized facility, arranged with a consortium of North American lenders, replaces a USD 97-million line agreed just 18 months ago. According to Enfinity, the revolving structure offers flexible draw-downs that can be recycled as projects reach construction and refinancing milestones, effectively creating a long-term funding engine for its build-own-operate business model.

“This expansion validates both the scale of our pipeline and the confidence lenders have in our execution record,” chief executive Carlos Domenech said in a statement. He added that the company intends to place “significant capital” this year into late-stage projects in California, Texas, Virginia and the Midwest, where interconnection queues have begun to ease.

Enfinity’s current US portfolio totals 400 MW of operating solar assets and more than 2 GW in advanced development. The remainder of its 22-GW pipeline is spread across early-stage opportunities in 12 states, with roughly one-third earmarked for co-located storage or stand-alone battery systems.

While utility procurements remain the company’s core offtake focus, management said it is seeing “robust” demand from data-centre operators and large retailers seeking long-duration power-purchase agreements (PPAs) to hedge electricity costs and meet corporate decarbonization targets.

Financing details

The facility is secured by a mix of project-level equity interests and contracted cash flows, featuring a tenor of five years with two one-year extension options. Pricing was not disclosed, but market observers put the all-in cost at the tighter end of the investment-grade spectrum, reflecting the maturing risk profile of solar-plus-storage assets in North America.

Analysts at Wood Mackenzie note that inflation-adjusted tax credits under the US Inflation Reduction Act have made hybrid projects more bankable, prompting lenders to compete aggressively for mandates. “Developers able to line up programmatic capital are now in pole position to capture interconnection slots and equipment,” said senior researcher Leah Mathews.

With the enlarged facility in place, Enfinity expects to break ground on at least 1.5 GW of new capacity before year-end and aims to have 5 GW operating or under construction by 2027.