Enlight Secures $550M Financing for Roadrunner Solar and Storage Project in Arizona

Enlight Renewable Energy Ltd. has secured $550 million in debt financing for its Roadrunner project near Tucson, Arizona. Through its subsidiary Clenera Holdings LLC, Enlight partnered with a consortium of four global banks—BNP Paribas, Crédit Agricole, Natixis, and Nord/LB—to arrange the financing. Upon the project’s commercial operation date (COD), the loan will convert into a $290 million term loan and $320 million in tax equity funding. Structured as a mini-perm loan, the term loan features a 20-25 year amortization schedule, a five-year repayment timeline post-COD, and an all-in interest rate of 5.50%-6.0%. Paragon Energy Capital acted as Clenera’s exclusive financial advisor, and Enlight plans to finalize a tax equity transaction in 2025.

Known as Apache Solar II, Roadrunner is Enlight’s second-largest project, combining 290 MW of solar generation with 940 MWh of energy storage capacity. Construction is underway at the 1,200-acre site, with all procurement contracts secured. The project is expected to achieve COD by late 2025. Under a 20-year power purchase agreement with Arizona Electric Power Cooperative (AEPCO), Roadrunner will generate $51-54 million in annual revenues and $41-44 million in EBITDA in its first full year of operation, further solidifying Enlight’s leadership in renewable energy development.

Nir Yehuda, CFO of Enlight, commented, “We appreciate our financial partners’ support and commitment in arranging the debt financing for project Roadrunner, which has made it possible for us to progress with its construction. Roadrunner is expected to begin commercial operation by the end of 2025. We look forward to continued collaboration on Country Acres and Quail Ranch, projects which we are now in the process of building and financing.”

“We are grateful to have established our business as a reliable partner for these financial institutions,” said Adam Pishl, President and CEO of Clenera. “We have demonstrated our ability to build projects on time and on budget, and manage operational solar and storage farms that generate consistent long-term returns. It is exciting to close this deal and fuel our continued growth with projects across America.”

Aashish Mohan, Co-Head of Energy, Resources & Infrastructure Americas, at BNP Paribas, commented, “BNP Paribas is proud to have supported Clenera and Enlight as Coordinating Lead Arranger on this landmark clean energy project financing. Supporting premier platforms like Clenera squarely fits our energy transition ambitions, and we look forward to partnering with the company again as they continue to execute on their high-quality pipeline.”

Daniel Feigin, Head of Energy & Infrastructure Group, North America at Crédit Agricole CIB, said, “Crédit Agricole CIB’s collaboration with Enlight and Clenera on this landmark project in Arizona is a testament to the power of partnership and innovation. Roadrunner will provide clean, low-cost energy and storage. We are honored to have played a crucial role in helping a world class developer bringing this project to financial close and contributing to our mission of facilitating clean power generation and economic growth.”

Nasir Khan, Managing Director & Head of Infrastructure & Energy Finance Americas at Natixis CIB, said, “We are thrilled to announce the successful close our first transaction with Enlight and Clenera, and would especially like to thank the teams for their professionalism and partnership over the past several months. Natixis CIB is committed to driving the energy transition through financing high-quality landmark projects such as Roadrunner, and we look forward to seeing it reach completion in the next year.”

Sondra Martinez, Managing Director and Head of Originations at NORD/LB New York, commented, “Nord/LB is thrilled to support Clenera and Enlight on the Roadrunner transaction. This transaction represents our commitment to partnerships and supporting clients as they advance the energy transition.”