US-based developer and manager of energy and infrastructure assets Glenfarne Group’s subsidiary EnfraGen has completed a $100m financing round.
The new capital was secured from a consortium of banks led by DNB Bank and Société Générale.
A privately held firm, EnfraGen focuses on the development, acquisition and operation of power and power infrastructure assets in the Americas.
EnfraGen CEO and Glenfarne managing partner Brendan Duval said: “We are deeply appreciative of our capital partners who have taken time to recognise the benefits of Glenfarne’s strategy, which applies both operational and financial management expertise to optimise power and power infrastructure assets throughout the entire asset life cycle.
“With their support, we are able to enhance existing assets and pursue value-added opportunities in the Americas.”
The latest funding will be used by the company to repay publicly traded bonds linked to EnfraGen subsidiary Fontus Hydro. It will also be used to further grow the company’s businesses.
Fontus Hydro purchased three run-of-river hydroelectric power plants located at the Piedra River, in the province of Chiriquí, Panama last year. The plants were owned and operated by Hidrotenencias, which started operations in 2008 and is headquartered in Panama City.
The three facilities sell the generated electricity to the Regional Electricity Market (MER) comprising Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama in Central America.
Glenfarne secured up to $700m in capital to fund EnfraGen’s subsidiaries, Prime Energía and Fontus Hydro in July 2018.