Enfinity Global has divested 49% of its interest in two significant battery energy storage system (BESS) projects, with a combined capacity of 380MW, to Daiwa Energy & Infrastructure.
The projects, located in the US and Italy, will enhance grid resilience and meet increasing power demands.
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The US-based project is situated in the Houston zone of the Electric Reliability Council of Texas area and has a 250MW BESS with a two-hour duration and 500 megawatt hours (MWh) capacity.
Located in the Veneto region, the Italian project comprises a 130MW BESS with a four-hour duration and 520MWh capacity. Operations for both projects will commence by 2027.
Enfinity Global maintains a controlling stake of 51% and is tasked with overseeing the development, construction and long-term asset management of both projects.
Enfinity Global CEO Carlos Domenech stated: “We are honoured to partner with Daiwa Energy & Infrastructure, one of Japan’s leading financial institutions, to bring new investments to the USA and Italy.
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By GlobalData“This is a win-win outcome and creates a demonstrable case study, strengthening the grid capabilities, accelerating powering of reliable competitive clean energy for customers, cross-border capital investments at attractive returns, and bringing the best global solutions by long-term responsible sponsors.”
The partnership with Daiwa will bolster infrastructure to support data centres, AI and industrial electrification in both regions.
Legal aspects of the transaction were managed by Winston & Strawn and DLA Piper for Enfinity Global, while Daiwa Energy & Infrastructure sought counsel from Orrick Herrington & Sutcliffe, Ensight Energy Consulting and Ernst & Young.
Enfinity’s global head of capital and general manager for the Americas Ricardo Diaz stated: “We are pleased to be able to bring in Daiwa Energy & Infrastructure as a capital partner to our BESS projects in the US and Italy. Bringing long-term, like-minded investors as shareholders in our global portfolios is central to our capital formation strategy to accelerate growth and optimise returns.”
In a related development, Enfinity Global secured a €100m ($112.2m) bond facility from Eiffel Investment Group to propel the deployment of energy storage and solar photovoltaic projects across Europe.
