Updated October 24, 2023
In a significant move, Enfinity Global Inc., a frontrunner in the renewable energy sector, has announced the acquisition of 546 MW of solar assets under development from CS Energy in Colorado. This strategic acquisition reinforces Enfinity's commitment to advancing its long-term business strategy within the United States and underscores the immense value it brings to project developers. This acquisition positions Enfinity as a trusted partner capable of aligning capital and tapping into the global supply chain, providing a competitive edge in terms of cost-efficiency and reliability.
The portfolio includes three solar projects in Colorado, a state known for its ambitious goal of achieving 100% renewable energy generation by 2050. This acquisition perfectly complements Enfinity's existing development presence in the Western Electricity Coordinating Council (WECC) region and seamlessly integrates into the company's in-house development processes and team.
Upon completion, these projects are expected to generate an annual recurrent EBITDA (earnings before interest, taxes, depreciation, and amortization) of approximately $59 million, partnering with investment-grade counterparties. The construction of the portfolio is projected to commence in the next two years. When operational, it will contribute 1,054 GWh of clean electricity per year, effectively powering up to 57,000 U.S. households and reducing carbon emissions equivalent to taking 101,500 cars off the road.
Enfinity Global has been making waves in the renewable energy industry, establishing itself as one of the fastest-growing independent power producers in the sector.
With a global portfolio exceeding 17 GW, including 7.3 GW of energy storage assets and 1 GW of operational assets, Enfinity's footprint extends across various states in the U.S.
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"We consistently pursue high-quality portfolios in promising U.S. markets to complement our extensive 6 GW pipeline of proprietary projects,"
stated Ricardo Díaz, CEO Americas of Enfinity Global.
"Our long-term ownership model enables us to forge meaningful partnerships with investors, stakeholders, and customers, aligning capabilities to foster a zero-carbon future that benefits the communities we engage with. We remain dedicated to developing further projects in Colorado."
Enfinity Global continues to enhance its presence and influence in the market by leveraging its fully integrated platform, operational expertise throughout the renewable energy value chain, and global reach.
Eric Millard, Chief Commercial Officer of CS Energy, commented,
"We take immense pride in developing high-quality utility-scale assets. We are excited about our unwavering commitment to building a clean and sustainable future while nurturing valuable partnerships like this one."
This acquisition represents a pivotal step in the pursuit of Enfinity Global's clean energy objectives and its ongoing mission to drive sustainable energy transformation across the U.S. renewable landscape.
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