London Stock Exchange-listed alternative asset manager ICGâ€™s infrastructure team (ICG Infra) has signed a definitive agreement with US renewable energy company Enfinity Global to make a â‚¬400 million equity investment to fund the development of Enfinityâ€™s 17GW portfolio, including 7.3 GW of energy storage assets.
The investment further underpins ICG Infraâ€™s strategy of investing in â€œmarket-leading businesses within the renewable energy sector in Europe and the US which have an active role in supporting the transition to net zero,â€ and ICG Infra statement said.
ICG Infra will work with Enfinityâ€™s management team to build and operate the existing projects.
Guillaume dâ€™ Engremont, head of infra at ICG, said: â€œThe investment underpins our approach of supporting entrepreneurial and visionary founders who are committed to making meaningful contributions to a more sustainable economy.â€
Carlos Domenech, CEO of Enfinity Global, added: â€œICGâ€™s strong track record in enabling companies to scale, and their vision for the future of the industry, makes them the perfect partner for Enfinity.â€