Enlight Renewable Energy Secures $150 Million Tax Equity Financing from Wells Fargo for Solar and Storage Project in New Mexico

Enlight Renewable Energy has closed a tax equity agreement with Wells Fargo Bank N.A. for the Quail Ranch solar and energy storage project in New Mexico. Under the agreement, Wells Fargo will provide tax equity financing totaling $131 million upon commercial operation, increasing to nearly $150 million through additional pay-go contributions over the project’s first decade of operation.

The Quail Ranch project combines 128 MW of solar generation with 400 MWh of energy storage and represents a total investment of $275 million. Commercial operation is expected by the end of 2025, with projected first-year revenues of approximately $24 million and EBITDA of around $17 million. The project will share interconnection infrastructure with the Atrisco project, advancing Enlight’s “Connect and Expand” strategy to maximize grid capacity and operational efficiency.

Quail Ranch operates under a 20-year power purchase agreement with Public Service Company of New Mexico (PNM), an investment-grade utility, ensuring long-term revenue stability. The tax equity structure includes production tax credits for the solar component and investment tax credits for storage, along with an additional 10% Energy Community Adder under the Inflation Reduction Act.

“The Quail Ranch tax equity deal marks another step forward in scaling our U.S. platform,” said Adi Leviatan, CEO of Enlight. “Welcoming a top-tier institution like Wells Fargo as our partner affirms both the strength of the project and the robustness of our portfolio strategy. We’re proud to continue building long-term, trusted partnerships that expand access to reliable, affordable clean power at scale.”

“The Quail Ranch facility builds on our success in New Mexico,” said Jared McKee, CEO of Clēnera. “Our partnerships power that success and this tax equity arrangement with Wells Fargo is one more way we are executing our growth strategy in the U.S.”