Enlight Announces a Power Purchase Agreement for the Snowflake A Project in Arizona
TEL AVIV, Israel, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (("Enlight", ", the Company", NASDAQ:ENLT, TASE: ENLT.TA)), a leading renewable energy platform, announces that its U.S. subsidiary Clenera has signed a new power purchase agreement ("PPA") with Arizona Public Service ("APS") for its Snowflake A Project ("Snowflake A" or "the Project"). The busbar fixed price PPA encompasses the Project's 600 MW of solar generation capacity and 1900 MWh of energy storage availability, and is for a duration of 20 years.
Snowflake A is located near Holbrook, Arizona, in the northeastern part of the state, an area with very high solar irradiation. The Project is in the final stages of pre-construction permitting, and assuming all necessary permits are obtained, is expected to reach ready to build (RTB) status in the third quarter of 2025 and commence commercial operation (COD) in mid-2027. The PPA provides that if a certain required permit is not obtained by March 1, 2025, Clenera is entitled to terminate the PPA without any material termination costs.
"This marks a major steppingstone for Clenera and Enlight in Arizona," said Adam Pishl, CEO of Clenera. "We have spent years working with local and state regulators to design a project that fits the location, makes excellent use of the land, and will be a generational benefit to the region. Our engagement with the community has been very positive and I look forward to delivering a new source of clean energy to APS ratepayers."
Snowflake A is one of the most significant projects in Enlight's portfolio, both in terms of size and profitability, and represents the first phase of the Snowflake complex. A second phase is being developed for an additional 650 MW of solar generation capacity and 2100 MWh of energy storage availability. This represents another implementation of Enlight's "Connect and Expand" strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity, in turn lowering the costs and risks of building new sites.
Ilan Goren, General Manager of Enlight US, commented, "The signing of this PPA agreement represents a major milestone for Enlight and Clenera. We currently operate two sites in the western US, having recently achieved COD at Atrisco Solar in September 2024. In addition, we are now beginning construction on three additional new projects in the US, which are expected to be complete by 2025-26. Snowflakes' PPA is a further step in the execution of our rapid growth plan for the US market, demonstrating the ability to achieve significant progress in the development of the large and high-quality projects in our Advanced Development portfolio."
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the ...
