Award Recognizes Acquisition of 188MW of Renewable Assets in Panama and Costa Rica and Refinancing of Bank Debt
NEW YORK – January 29, 2024: EnfraGen, LLC (“EnfraGen”) and its joint venture owners, Glenfarne Energy Transition, LLC (“Glenfarne”) and Partners Group, on behalf of its clients, today announced that its acquisition of 188-megawatts (“MW”) of renewable power from Celsia S.A. (symbol: CELSIA), was awarded the “Acquisition Deal of the Year” for the Americas by Project Finance International (“PFI”).
“This award is a tribute to the EnfraGen team’s incredible determination, talent and expertise,” said Bryan Murphy, President and General Counsel of EnfraGen and Head of Power and General Counsel for Glenfarne Energy Transition. “EnfraGen’s financial flexibility and diverse portfolio of renewable assets position us as a leader in improving grid stability and advancing the energy transition across Latin America.”
Michael Penner, Operating Partner and Chairman of Partners Group (Canada),, commented, “This award represents the EnfraGen team’s outstanding achievements and Partners Group is extremely proud of their continued success advancing energy security and reliability. We look forward to furthering the sustainable growth and transformation of the EnfraGen business, which reflects Partners Group’s commitment to investing in next generation infrastructure platforms.”
The acquisition from Celsia included a total of six renewable operating assets across Costa Rica and Panama, including hydro, wind, and solar facilities. The acquisition also incorporates the first wind and Costa Rican asset into EnfraGen’s portfolio.
Together with the acquisition, EnfraGen refinanced $1,060 MM of existing bank facilities with a group of eight global banks, including JP Morgan, Scotiabank, BNP Paribas, Intesa Sanpaolo, Mizuho, MUFG, SMBC and Societe Generale. As part of the refinancing EnfraGen drew approximately $300 MM of previously unused commitments. The refinanced debt matures in 2028 and is based on a 20-year underlying profile. Additionally, EnfraGen put in place approximately $185 MM of new interest rate swaps, which together with the previously existing swaps leaves the refinanced bank facility fully hedged for the underlying profile.
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin America. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations.
The business’ mission is to support the transition to zero-carbon emission electric grids. EnfraGen is jointly controlled by Glenfarne Energy Transition, LLC, and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 2.1 GW of installed capacity upon completion of its most recent acquisition. The company, including its affiliates and subsidiaries, is supported by a team of nearly 400 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States. For more information, please visit www.EnfraGen.com.
About Glenfarne Energy Transition
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.com.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested USD 210 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate attractive returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 147 billion in assets under management as of 31 December 2023, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,900 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn.