Enlight Renewable Energy Secures $511 Million For Solar Projects In The USA And Israel

Enlight Renewable Energy Ltd. has successfully closed a $511 million financing deal for its Atrisco Solar project in New Mexico, USA, and its combined Solar and Storage Cluster in Israel. The company anticipates recycling $325 million of excess equity invested in the projects, with an additional $15-20 million expected upon Atrisco Solar reaching commercial operation.

Atrisco Solar Financing Details:

• Clenera Holdings, via a subsidiary, secured a $300 million construction facility agreement with a consortium of lenders led by HSBC Securities (USA) Inc.
• The total cost of the Atrisco Solar project is estimated at $395 million.
• Bank of America, N.A. provided a $107 million term loan and $198 million in tax equity financing.
• Enlight plans to recycle $204 million of excess equity after the financial close, with an additional $15-20 million upon Atrisco Solar achieving commercial operation.
• The project, located near Albuquerque, New Mexico, boasts a 364 MW generation capacity and is expected to reach commercial operation in Q3 2024.

Solar + Storage Cluster Financing Details:

• Enlight Financing LP, a wholly owned limited partnership, secured a $211 million construction facility agreement with Bank Hapoalim.
• The total cost of the Solar + Storage Cluster is anticipated to be $290 million.
• The financing has a 20-year amortization period and a 6-year mini-perm term, with an interest rate of 2.4% to 2.9% above Israeli nominal government bond yields.
• Enlight expects to recycle $121 million of excess equity following the financial close.
• The Solar + Storage Cluster comprises 11 combined solar and battery storage projects across Israel, with a total capacity of 217 MW and 512 MWh of storage.
• The projects are estimated to reach commercial operation in stages throughout 2024, with an expected aggregate revenue of $30-32 million and EBITDA of $21-23 million in the first full year of operation.

Enlight Renewable Energy continues to advance its commitment to renewable projects, contributing to the global shift toward sustainable energy solutions.