Enfinity Global, a renewable energy company based in Waregem, Belgium, has closed a €118m ($128.2m) deal to build four utility-scale solar power plants in the region of Lazio, Italy.

The investment will be financed through a club deal structure, with UniCredit, BayernLB and Siemens Financial Services through Siemens Bank having acted as mandated lead arrangers for each solar plant.

The four plants will produce 172GWh of clean electricity annually, which is enough to power up to 64,000 homes and offset 69,000 tons of CO2 emissions.

Carlos Domenech, CEO of Enfinity Global, said: “We are delighted to partner with UniCredit, BayernLB, and Siemens Bank for this initial set of projects as we build our existing 4GW portfolio in Italy.

“We are pleased to bring competitive clean energy to Italy in support of the country’s net energy needs and carbon emission reduction targets.”

According to a report published by the Italian Ministry of Energy, nearly 80% of the total energy consumption in the country came from fossil fuels in 2021. Gas made up 43% of all energy sources, oil 32% and coal 4%.

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However, the government in Rome is looking to reach 30% in renewable energy consumption by 2030. Italy has made significant progress in adopting and generating renewable energy, with GlobalData experts suggesting the country generated 116.4 billion kWh of power through renewable energy resources in 2022.

As a result of Italy’s expanding market in renewables, several investors from abroad have committed to investing in the country. In May this year, Lithuanian solar module manufacturer Solitek announced plans to build its first overseas production facility in Benevento, southern Italy.

The investment came despite growing fears in the West that the election of far-right Giorgia Meloni as the country’s Prime Minister would turn Italy to protectionism. In 2022, net FDI levels reached $31.23bn – up from $18.91bn in 2021 and down from $44.25bn in 2018, according to the World Bank.

“We expect to invest €3bn over the next three years in Italy as we continue to advance our projects,” said Julio Fournier Fisas, CEO for Europe of Enfinity Global. “Italy is a core strategic market for us, and we are looking to continue to grow our existing portfolio through in-house development, co-development agreements with partners and acquisitions.”