Roadrunner, a 290 MW solar and 940 MWh storage project in Arizona, has initiated production of test energy and is expected to reach full COD by the end of 2025
Enlight strengthens its U.S. growth strategy, collaborating with new financing partners to support a robust project pipeline across leading power markets
TEL AVIV, Israel, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ((TASE&, NASDAQ:ENLT), a leading global renewable energy company, announced today that its U.S. subsidiary Clēnera Holdings has closed 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. ("J.P. Morgan"), covers the project's 290 MW solar component and includes a tax equity contribution at COD, along with additional pay-go payments over the first 10 years of operation. The second agreement, with M&T Bank and First Citizens Bank, provides tax equity financing for the 940 MWh storage component at COD. Together, the two partnerships represent approximately $340 million in tax equity commitments at COD, expected to increase to nearly $390 million when including pay-go contributions. These transactions underscore the strength and quality of the Roadrunner project.
The Roadrunner project, a state-of-the-art co-located solar and energy storage project, involves a total investment of $621 million. The solar generation component has initiated production of test energy, and the project is expected to achieve full commercial operation by the end of 2025. Once fully operational, it is expected to generate annual revenues of more than $50 million in its first full operating year and EBITDA of approximately $40 million.
The solar component is expected to benefit from Production Tax Credits (PTC), while the storage component is expected to receive Investment Tax Credits (ITC). The project is expected to qualify for the 10% Energy Community Adder, further emphasizing the value of these partnerships.
All of Enlight's U.S. projects to date are supported by BUSBAR power purchase agreements (PPAs) with investment-grade offtakers, providing long-term, stable revenues for the company. Roadrunner is backed by a 20-year PPA with the Arizona Electric Power Cooperative, ensuring a reliable, low-cost source of energy for member-consumers.
Co-located solar and energy storage projects are a cornerstone of Enlight's strategy, enabling reliable delivery of clean electricity together with critical flexibility to the grid. Enlight's substantial portfolio in the United States positions the company as a leader in large-scale clean energy deployment. Roadrunner adds to this momentum as a flagship utility-scale co-located solar and energy storage project, now advancing toward operation across leading U.S. power markets.
Eric Heintz, M&T Bank Managing Director, Energy and Infrastructure Finance: "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: "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 ...
