ICG Infra to invest €400m in storage developer Enfinity
London Stock Exchange-listed alternative asset manager ICG’s infrastructure team (ICG Infra) has signed a definitive agreement with US renewable energy company Enfinity Global to make a €400 million equity investment to fund the development of Enfinity’s 17GW portfolio, including 7.3 GW of energy storage assets.
The investment further underpins ICG Infra’s strategy of investing in “market-leading businesses within the renewable energy sector in Europe and the US which have an active role in supporting the transition to net zero,” and ICG Infra statement said.
ICG Infra will work with Enfinity’s management team to build and operate the existing projects.
Guillaume d’ Engremont, head of infra at ICG, said: “The investment underpins our approach of supporting entrepreneurial and visionary founders who are committed to making meaningful contributions to a more sustainable economy.”
Carlos Domenech, CEO of Enfinity Global, added: “ICG’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.”