Enfinity Global Buys 546 MW Solar Portfolio in Colorado
Enfinity Global Inc., a renewable energy company, has purchased 546 MW of solar assets under development from Australia-headquartered CS Energy, owned by private equity firm American Securities, in Colorado.
The portfolio consists of three solar projects developed in Colorado, a solar market mandating 100% renewable energy generation by 2050.
The portfolio will be incorporated into Enfinity’s in-house development process and team, supplementing the company’s existing development presence in the Western Electricity Coordinating Council (WECC) region. The agreement allows the company to make further progress in implementing its business strategy in the United States.
It is expected to generate recurrent EBITDA of approximately $59 million per year. 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. The company claims it can power up to 57,000 US households and is equivalent to removing 101,500 cars from the road.
“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”, said Ricardo Díaz, CEO Americas of Enfinity Global.
The transaction adds capacity to Enfinity’s expanding portfolio, which now includes over 17GW of renewable energy assets. Only 1GW of this portfolio is now operational, but the company is bullish on its prospects as the global energy market shifts away from fossil fuels.
The company has raised $380 million in the last year.