Enlight Raises a Total of $1.5 Billion in Project Finance Following its Third U.S. Financial Close Within Four Months
The financial close for Quail Ranch includes $243 million of construction loans; COD is expected towards the end of 2025
Enlight's three U.S. projects now under construction have a combined capacity of 1.4 FGW and are projected to generate total annual revenues of $135-140 million
TEL AVIV, Israel, April 14, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. ("Enlight", "the Company", NASDAQ:ENLT, TASE: ENLT.TA), a leading global renewable energy platform, announces the financial close for project Quail Ranch ("Quail Ranch" or "the Project"), located near Albuquerque, New Mexico, USA. The Company, through its U.S. subsidiary Clenera Holdings LLC, has secured $243 million in construction financing commitments for the Project.
Combining 128 MW solar generation with 400 MWh of battery storage capacity, Quail Ranch is scheduled for completion towards the end of 2025. Offtake for both generation and storage volumes is secured by a 20-year busbar PPA with the Public Service Company of New Mexico ("PNM").
The Project is an expansion of Atrisco, which commenced commercial operation in 2024. The shared infrastructure between the two sites accelerated Quail Ranch's development and will reduce construction and operating costs. Both projects are situated on a desert plateau at an elevation of 1,800 meters, offering optimal solar generation conditions.
Quail Ranch's financial close joins those of Roadrunner and Country Acres, two other projects now under construction in the U.S., which have achieved a total of $1.5 billion in financing over the past four months with the same consortium of lenders. The three projects have a combined capacity of 1.4 FGW and are expected to generate annual revenues of $135-140 million and EBITDA of $100-110 million when commencing operations in 2025-2026.
The financial close was led by a consortium of four global banks, including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB). Upon the Project's COD, the construction loan is expected to convert into a $120 million term loan. The Project is expected to be eligible for the Energy Community Tax Credit Bonus, and the Company anticipates finalizing a tax equity transaction during 2025.
Gilad Yavetz, CEO of Enlight, said, "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 ...
https://www.benzinga.com/pressreleases/25/04/g44784523/enlight-raises-a-total-of-1-5-billion-in-project-finance-following-its-third-u-s-financial-close-w
