Enlight Announces a Power Purchase Agreement for the Snowflake A Project in Arizona
Enlight Renewable Energy (NASDAQ: ENLT) announces that its U.S. subsidiary Clenera has signed a 20-year power purchase agreement with Arizona Public Service for the Snowflake A Project. The project includes 600 MW of solar generation and 1900 MWh of energy storage capacity. Located near Holbrook, Arizona, the project is expected to reach ready-to-build status in Q3 2025 and begin commercial operation in mid-2027. This represents the first phase of the Snowflake complex, with a second phase planned for an additional 650 MW solar capacity and 2100 MWh storage. The project is currently in final pre-construction permitting stages.
Enlight Renewable Energy (NASDAQ: ENLT) annuncia che la sua filiale statunitense Clenera ha firmato un contratto di acquisto di energia di 20 anni con l'Arizona Public Service per il Progetto Snowflake A. Il progetto prevede 600 MW di generazione solare e 1900 MWh di capacità di stoccaggio dell'energia. Situato vicino a Holbrook, in Arizona, si prevede che il progetto raggiunga lo stato di pronto per la costruzione nel terzo trimestre del 2025 e avvii le operazioni commerciali a metà del 2027. Questa rappresenta la prima fase del complesso Snowflake, con una seconda fase pianificata per una capacità solare aggiuntiva di 650 MW e 2100 MWh di stoccaggio. Il progetto è attualmente nelle fasi finali di autorizzazione pre-costruttiva.
Enlight Renewable Energy (NASDAQ: ENLT) anuncia que su subsidiaria en EE. UU., Clenera, ha firmado un contrato de compra de energía por 20 años con Arizona Public Service para el Proyecto Snowflake A. El proyecto incluye 600 MW de generación solar y 1900 MWh de capacidad de almacenamiento de energía. Situado cerca de Holbrook, Arizona, se espera que el proyecto alcance el estado de listo para la construcción en el tercer trimestre de 2025 y comience la operación comercial a mediados de 2027. Esta representa la primera fase del complejo Snowflake, con una segunda fase planificada para una capacidad solar adicional de 650 MW y 2100 MWh de almacenamiento. Actualmente, el proyecto se encuentra en las etapas finales de permisos previos a la construcción.
Enlight Renewable Energy (NASDAQ: ENLT)는 미국 자회사 Clenera가 Arizona Public Service와 Snowflake A 프로젝트에 대해 20년 전력 구매 계약을 체결했다고 발표했습니다. 이 프로젝트는 600MW의 태양광 발전과 1900MWh의 에너지 저장 용량을 포함합니다. 애리조나주 홀브룩 근처에 위치해 있으며, 이 프로젝트는 2025년 3분기까지 건설 준비 상태에 도달할 것으로 예상되며, 2027년 중반에 상업 운영을 시작할 것입니다. 이는 Snowflake 복합 단지의 첫 번째 단계로, 650MW의 추가 태양광 발전 용량과 2100MWh의 저장 용량을 갖춘 두 번째 단계가 계획되어 있습니다. 현재 프로젝트는 최종 사전 건설 허가 단계에 있습니다.
Enlight Renewable Energy (NASDAQ: ENLT) annonce que sa filiale américaine Clenera a signé un contrat d'achat d'énergie de 20 ans avec Arizona Public Service pour le Projet Snowflake A. Le projet inclut 600 MW de production solaire et 1900 MWh de capacité de stockage d'énergie. Situé près de Holbrook, en Arizona, le projet devrait atteindre le statut de prêt à construire au troisième trimestre 2025 et commencer son exploitation commerciale au milieu de 2027. Cela représente la première phase du complexe Snowflake, avec une deuxième phase prévue pour une capacité solaire supplémentaire de 650 MW et 2100 MWh de stockage. Le projet est actuellement dans les dernières étapes de la procédure d'autorisation pré-construction.
Enlight Renewable Energy (NASDAQ: ENLT) gibt bekannt, dass ihre US-Tochtergesellschaft Clenera einen 20-jährigen Stromabnahmevertrag mit der Arizona Public Service für das Snowflake A Projekt unterzeichnet hat. Das Projekt umfasst 600 MW Solarenergieerzeugung und 1900 MWh EnergSpeicherkapazität. Das Projekt, das sich in der Nähe von Holbrook, Arizona, befindet, wird voraussichtlich im 3. Quartal 2025 den Status „bereit für den Bau“ erreichen und im mittleren Jahr 2027 mit dem kommerziellen Betrieb beginnen. Dies stellt die erste Phase des Snowflake-Komplexes dar, wobei eine zweite Phase mit zusätzlichen 650 MW Solarkapazität und 2100 MWh Speicherung geplant ist. Das Projekt befindet sich derzeit in den finalen Genehmigungsphasen vor dem Bau.
- Secured 20-year PPA for large-scale 600 MW solar and 1900 MWh storage project
- Project located in high solar irradiation area, optimal for solar generation
- Second phase development planned with additional 650 MW solar and 2100 MWh storage capacity
- Implementation of cost-effective 'Connect and Expand' strategy
- PPA termination clause if required permit not obtained by March 1, 2025
- Project completion timeline extends to mid-2027
- Final permits still pending approval
Insights
This is a significant development for Enlight with substantial long-term revenue implications. The 20-year PPA for 600 MW solar capacity and 1900 MWh storage represents a major secured revenue stream. The project's location in high solar irradiation area of Arizona optimizes generation potential, while the energy storage component adds valuable grid flexibility and potential additional revenue streams.
The project's scale and the follow-on 650 MW second phase showcase strong expansion potential. The "Connect and Expand" strategy leveraging existing infrastructure should yield cost efficiencies and improved returns. The conditional permit clause by March 2025 provides important risk mitigation. This agreement strengthens Enlight's U.S. market position, adding to their growing operational portfolio and construction pipeline.
The PPA signing significantly de-risks the Snowflake A project by securing long-term revenue visibility with a credible utility partner. Arizona Public Service's involvement as the offtaker adds substantial credibility. The project's timeline with RTB in Q3 2025 and COD in mid-2027 aligns with growing renewable energy demand in the region.
The combined Snowflake complex's total planned capacity of 1250 MW solar and 4000 MWh storage positions it as a major player in the Southwest power market. This strengthens Enlight's competitive position in the U.S. market, where they're already demonstrating execution capability with recent project completions and ongoing construction.
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 Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.
Contacts:
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investors@enlightenergy.co.il
Erica Mannion or Mike Funari
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investors@enlightenergy.co.il
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This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. 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