MIAMI, Sept. 21, 2023 /PRNewswire/ -- Enfinity Global Inc., a leader in renewable energy, announced today the acquisition of 546 MW of solar assets under development from CS Energy in the State of Colorado. This acquisition allows the company to make further progress in the implementation of its long-term business strategy in the U.S. It is also a good example of the value that Enfinity brings to developers, who see the company as a trusted partner with the ability to align capital and access the global supply chain- bringing an edge on costs and certainty.
The acquisition portfolio consists of three solar projects developed in Colorado, an attractive solar market mandating 100% renewable energy generation by 2050. The portfolio complements Enfinity's existing development presence in WECC and will be integrated in the in-house development processes and team. It is expected to generate recurrent EBITDA of approximately $59 million per year with investment grade counterparties. The portfolio is expected to start construction in the next two years, and once operational it will produce 1,054 GWh of clean electricity per year, enough to power up to 57,000 US households, and is equivalent to taking 101,500 cars off the road.
Enfinity Global is one of the fastest growing renewable energy independent power producers, with an existing global portfolio of over 17 GW that includes 7.3 GW of energy storage assets and 1 GW of operational assets. In the US, Enfinity Global operates a portfolio of 400 MW and 28 solar PV power plants in the states of California, Idaho and North Carolina; and owns 6 GW of solar and storage assets under development in different States across the country. In the last year, the company has been able to raise $380 million USD of capital in the US.
"We continue to acquire top quality portfolios in some of the most promising markets in the US to add and complement our 6 GW proprietary pipeline of projects", commented Ricardo Díaz, CEO Americas of Enfinity Global. "Our long-term ownership business model allows us to partner with relevant investors, stakeholders, and customers, aligning capabilities that create a zero-carbon future and benefit the communities in which we participate. We will continue committed to develop additional projects in Colorado."
Enfinity continues to consolidate the market leveraging on its fully integrated platform, ability to deploy operational expertise across the entire renewable energy value chain, and international presence.
"We take great pride in developing high quality utility-scale assets and are enthusiastic about our ongoing commitment to building a clean sustainable future while nurturing valuable partnerships such as this one", said Eric Millard, CCO of CS Energy.
About Enfinity Global
Enfinity Global Inc., together with its subsidiaries, is a US-based leading renewable energy and sustainability services company established in 2018. The company owns a portfolio of 17 GW of renewable energy production and storage projects, including operational assets, under construction, and in different stages of development. With offices across US, Asia, and Europe, the company aims to make a significant contribution to the transition to a net zero carbon sustainable economy. Enfinity's leadership team, one of the most experienced global teams in renewables, brings over $37 billion of financing experience in the renewable energy sector and over 15 GW of developed and acquired solar and wind assets.
About CS Energy
CS Energy is an industry-leading engineering, procurement and construction (EPC) renewable energy firm that designs and builds optimized projects in solar, energy storage, and emerging energy industries. CS Energy has successfully designed and installed over 1.5 GW of solar and 470 MWh of energy storage projects across the United States. Owned by American Securities, a leading US private equity firm, CS Energy leverages strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners to help our customers streamline the project development process, lower project costs, and create value for all stakeholders as a trusted and long-term partner.
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SOURCE Enfinity Global