Spain-based energy company Enfinity Global has announced the acquisition of a 250MW solar photovoltaic (PV) portfolio in Japan with a $1bn enterprise value.

The acquired solar portfolio includes eight solar facilities, three of which are operational and the remaining five being under construction.

The three operational solar facilities have a combined capacity of 70MW, while the remaining five facilities have 180MW of collective capacity.

Of the 180MW of capacity, 80MW is expected to come online this year and the remaining 100MW is scheduled to become operational next year.

Enfinity Global CEO Carlos Domenech said: “The acquisition of this portfolio consolidates Enfinity’s positioning as one of the leaders in Japan’s renewable market.

“We believe the market will grow significantly to support Japan’s ambitious 2050 decarbonisation target.

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“Our team’s expertise places Enfinity in an excellent position to play an important role in this new scenario.”

The deal is intended to consolidate Enfinity’s platform in Japan and allow the company to further expand its presence in the country.

With the addition of the solar portfolio, Enfinity now has a platform of 281MW across nine owned and managed projects.

Asian investment firm PAG also participated in the investment, while financial services group Nomura acted as the sole lead arranger and bookrunner for project financings in the portfolio.

Nomura Infrastructure and Power Business head Vinod Mukani said: “Nomura is excited to support and provide liquidity to Enfinity Global as it consolidates its platform in Japan and prepares for future growth globally.

“Nomura is delighted to develop solutions for its clients, particularly those like Enfinity Global who have experienced and talented teams and an attractive business strategy which is contributing towards the transition to a low carbon economy.”

Japan aims to install 150GW of total solar energy capacity by 2030, having 67GW installed as of 2020.