Enlight Raises Nearly $340M Through Tax Equity Deals For Roadrunner Solar & Energy Storage Project Near Tucson, Arizona

Enlight Renewable Energy, a leading global renewable energy company, announced that its U.S. subsidiary, Clēnera Holdings, has completed two tax equity partnership agreements for the Roadrunner Solar and Energy Storage Project, located near Tucson, Arizona. The first agreement, with J.P. Morgan Chase Bank, N.A., covers the project’s 290 MW solar component. This agreement includes a tax equity contribution at the commercial operation date, along with additional pay-go payments over the first ten years of operation. The second agreement, with M&T Bank and First Citizens Bank, provides tax equity financing for the 940 MWh energy storage component at the commercial operation date.

Together, the two agreements represent approximately $340 million in tax equity commitments at COD, which is expected to rise to nearly $390 million when including the pay-go contributions. These transactions demonstrate the strength and financial viability of the Roadrunner project. The Roadrunner project is a co-located solar and energy storage development with a total investment of $621 million. The solar component has already begun producing test energy, and the project is expected to reach full commercial operation by the end of 2025.

Eric Heintz, M&T Bank Managing Director, Energy and Infrastructure Finance, mentioned, “M&T Bank is proud to partner with Clēnera, Enlight, and First Citizens Bank on the Roadrunner project, which represents one of the most significant co-located solar and storage developments in the U.S. This investment underscores our commitment to advancing battery energy storage as a critical enabler of grid stability and resilience. By helping accelerate the deployment of projects like Roadrunner, we are strengthening America’s domestic energy supply and supporting the country’s leadership in the global clean energy transition.”

Gilad Yavetz, CEO of Enlight, stated, “We thank J.P. Morgan, M&T Bank and First Citizens Bank for their confidence in Enlight through these transactions. We appreciate the trust that J.P. Morgan has consistently placed in us, and we are pleased to deepen our partnerships with M&T Bank and First Citizens Bank. These partnerships reflect the confidence of leading financial institutions in our robust portfolio of projects and in our ability to deliver at scale, further positioning Enlight at the forefront of the clean energy transition.”

Jared McKee, incoming CEO of Clēnera, remarked, “We continue to see success and growth in our Enlight/Clēnera U.S. platform. We are appreciative of our partnership with leading banks in the industry and the value they see in partnering with us. The energy market continues to demonstrate a high demand for new power sources, and our projects are delivering on that need. We will continue to build up America’s future energy resources and cultivate a future of responsible energy independence.”

Once operational, the project is projected to generate more than $50 million in annual revenue during its first full year of operation, with EBITDA estimated at around $40 million. The solar portion of the project is expected to benefit from Production Tax Credits, while the storage portion is anticipated to qualify for Investment Tax Credits. In addition, the project is expected to be eligible for the 10% Energy Community Adder, further enhancing its financial benefits. All of Enlight’s U.S. projects are supported by BUSBAR power purchase agreements with investment-grade offtakers, ensuring long-term and stable revenue streams.

The Roadrunner project is backed by a 20-year PPA with the Arizona Electric Power Cooperative, providing a reliable and cost-effective source of energy for its member-consumers. Co-located solar and energy storage projects are an important part of Enlight’s strategy, offering reliable clean energy while providing flexibility to the power grid. The company’s growing portfolio in the United States underscores its leadership in large-scale renewable energy deployment. The Roadrunner project adds to this momentum as a flagship utility-scale co-located solar and energy storage development, moving steadily toward commercial operation across key U.S. power markets.