Fintech PR
Enfinity Global secures € 190 million financing for a 157 MW solar power portfolio in Italy
MILAN, Sept. 3, 2024 /PRNewswire/ — Enfinity Global Inc, a leader in renewable energy, today announced that it has closed € 189.6 million in financing for the construction of 157.1 MW in eight utility-scale solar power plants located in the regions of Lazio and Emilia Romagna (Italy), which are expected to become operational in 2025.
BayernLB, ING, and Rabobank acted as mandated lead arrangers for the project financing through a club deal structure. The funding will provide € 127.4 million of non-recourse senior debt, € 17.1 million of VAT financing, and € 45.1 million in LC facilities for PPAs, PV modules and dismantling.
The energy produced by the portfolio will be commercialized through long-term Power Purchase Agreements (PPA) recently signed with A2A, Nova Aeg and another important Italian industrial customer. Its environmental impact will translate into producing 271 GWh of clean electricity per year, enough to power 100,000 Italian homes and offset 122,000 tons of CO2 emissions.
This financing represents a significant milestone for Enfinity in Italy, underscoring its commitment to the national energy transition. The company is currently the leading IPP in Italy in terms of permitted projects, totaling 805 MW according to Elemens’ Q2 Dev&Deals report. In addition, Enfinity is the top solar PPA seller in Italy, with a total of 388 MW signed and under construction with investment-grade utilities and other corporate customers. The company owns 4.8 GW of solar PV and storage projects in the country.
“We are grateful to BayernLB, ING, and Rabobank for their partnership in Italy. We appreciate BayernLB’s supporting the financing of 400 MW in Italy to date”, said Carlos Domenech, CEO of Enfinity Global. “Together, we are setting a new standard to finance and develop clean energy in Italy, supporting the country’s energy transition and EU 2030 decarbonization targets.”
“BayernLB’s mission is to finance progress and we are pleased to have supported once again Enfinity with their latest Italian projects to support their growth path. It is always a great pleasure to work with the Enfinity team, Astris, their financial advisor and the law firm teams from GOP and DWF. Italian renewables remains a key market for us but we strive to continue supporting Enfinity also in their expansion across Europe and the US”, added Karin Schramm, Sector Head Renewable Energies at BayernLB.
“ING is extremely proud and grateful to have been selected by an esteemed developer like Enfinity Global to assist in this important financing in Italy. Our ambitions in renewable energy and geographical footprint closely match that of Enfinity Global”. This operation contributes to increase ING’s commitment to renewables, aiming to triple the financing of renewable power generation to €7.5 billion annually by 2025. We look forward to continuing the journey with Enfinity Global in renewables in Italy and elsewhere”, commented Diederik van den Berg, Managing Director, Global Lead Renewables & Power at ING.
“Rabobank Project Finance congratulates Enfinity on this successful Financial close and is very happy to have supported Enfinity by providing financing alongside Bayern LB and ING for this portfolio of eight solar PV projects located across the Lazio and Emilia Romagna regions. We have enjoyed working together with the Enfinity teams on this transaction and are looking forward to supporting their growth strategy as they continue to build out their portfolio of renewable energy assets,” said Marc Schmitz, Head of Project Finance Europe at Rabobank.
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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