ICG, a leading global alternative asset manager, has signed a contract with Enfinity Global to invest $483 million in equity to funding Enfinity’s near-term growth and the implementation of its business strategy. This investment will help support Enfinity Global’s balance sheet to expedite the completion of its 17 GW portfolio, including 7.3 GW of energy storage assets. The transaction will strengthen ICG Infra’s objective of making investments in market-leading firms in the US and European renewable energy industries that actively assist the move to net zero. Furthermore, ICG Infra will collaborate with the management of Enfinity to construct and run the current projects over the long term while continuing to support both organic and inorganic growth.
In January 2023, Enfinity Global purchased Capital Dynamics’ 400 MW utility-scale solar portfolio in the US. The deal, which was first disclosed in September 2022, included 28 operational solar energy-generating facilities spread across California, North Carolina, and Idaho. The portfolio produced 1,175 GWh of renewable energy a year, enough to power up to 64,000 homes while removing 508,000 tonnes of carbon dioxide from the atmosphere. Additionally, it had long-term power purchase agreements (PPAs) in place with off-takers from investment-grade utilities.