Enlight Achieves Financial Close on Quail Ranch Marking $1.5B in U.S. Project Funding

Enlight Renewable Energy Ltd. has reached financial close on its Quail Ranch project near Albuquerque, New Mexico. Through its U.S. subsidiary, Clenera Holdings LLC, the company secured $243 million in construction financing.

Quail Ranch will deliver 128 MW of solar power and 400 MWh of battery storage, with completion targeted for late 2025. Energy output is backed by a 20-year busbar PPA with the Public Service Company of New Mexico (PNM).

The project builds on Enlight’s adjacent Atrisco site, which went live in 2024. Shared infrastructure between the two has accelerated development and will cut both construction and operating costs. Located on a high desert plateau at 1,800 meters, the site offers prime solar conditions.

Quail Ranch is the latest in a trio of U.S. projects—alongside Roadrunner and Country Acres—that have secured $1.5 billion in financing over the past four months. Together, they total 1.4 GW and are expected to generate $135–140 million in annual revenue and $100–110 million in EBITDA once operational between 2025–2026.

Financing was led by a consortium of global banks: BNP Paribas, Crédit Agricole, Natixis CIB, and Nord/LB. At commercial operation, the construction loan is expected to convert into a $120 million term loan. The project also qualifies for the Energy Community Tax Credit Bonus, with a tax equity deal expected in 2025.

Gilad Yavetz, CEO of Enlight, commented ,“We are proud to have achieved the exceptional milestone of three significant financial closings within such a short timeframe, completing the funding for the second wave of Enlight’s U.S. projects. When operational, they will join Atrisco and Apex to generate combined annual revenues of approximately $200 million in the U.S. Quail Ranch completed its financial close after the administration announced its new tariff policy, demonstrating the project’s strength and the Company’s preparedness for this scenario.

“Additionally, Enlight is focused on advancing the development of two additional megaprojects in the western U.S. with a combined capacity of 2.6 FGW, and which are located in areas with some of the highest solar irradiation in the country. The new projects are part of the Company’s third wave in the U.S., and construction is expected to begin in the coming months.”

“I am very proud to partner with world-leading banks and complete a third major funding package this year,” said Adam Pishl, CEO and President of Clenera. “We continue to demonstrate our ability to bring high-quality projects banks remain excited about, despite market turbulence. Quail Ranch builds on our incredible success in New Mexico and will help meet the high demand for power to fuel American businesses and homes.”