Enlight Raises a Total of $1.5 Billion in Project Finance Following its Third U.S. Financial Close Within Four Months
Enlight Renewable Energy (NASDAQ: ENLT) has secured $243 million in construction financing for its Quail Ranch project near Albuquerque, New Mexico. The project combines 128 MW solar generation with 400 MWh battery storage capacity and is scheduled for completion by end-2025.
This marks Enlight's third U.S. financial close in four months, totaling $1.5 billion in project finance. The three projects under construction have a combined capacity of 1.4 FGW and are projected to generate annual revenues of $135-140 million and EBITDA of $100-110 million when operational in 2025-2026.
Quail Ranch features a 20-year busbar PPA with Public Service Company of New Mexico and will benefit from shared infrastructure with the operational Atrisco project. The financing was led by a consortium including BNP Paribas, Crédit Agricole, Natixis, and Nord/LB, with the construction loan expected to convert into a $120 million term loan upon completion.
Enlight Renewable Energy (NASDAQ: ENLT) ha ottenuto 243 milioni di dollari in finanziamenti per la costruzione del suo progetto Quail Ranch vicino ad Albuquerque, New Mexico. Il progetto combina 128 MW di generazione solare con una capacità di stoccaggio di 400 MWh e dovrebbe essere completato entro la fine del 2025.
Questo segna il terzo finanziamento di Enlight negli Stati Uniti in quattro mesi, per un totale di 1,5 miliardi di dollari in finanziamenti per progetti. I tre progetti in costruzione hanno una capacità combinata di 1,4 FGW e si prevede che genereranno entrate annuali di 135-140 milioni di dollari e un EBITDA di 100-110 milioni di dollari una volta operativi nel 2025-2026.
Quail Ranch presenta un contratto PPA di 20 anni con la Public Service Company del New Mexico e beneficerà di infrastrutture condivise con il progetto Atrisco operativo. Il finanziamento è stato guidato da un consorzio che include BNP Paribas, Crédit Agricole, Natixis e Nord/LB, con il prestito per la costruzione che dovrebbe convertire in un prestito a termine di 120 milioni di dollari al termine dei lavori.
Enlight Renewable Energy (NASDAQ: ENLT) ha asegurado 243 millones de dólares en financiamiento para la construcción de su proyecto Quail Ranch cerca de Albuquerque, Nuevo México. El proyecto combina 128 MW de generación solar con una capacidad de almacenamiento de 400 MWh y está programado para completarse a finales de 2025.
Este es el tercer cierre financiero de Enlight en EE. UU. en cuatro meses, sumando un total de 1.5 mil millones de dólares en financiamiento de proyectos. Los tres proyectos en construcción tienen una capacidad combinada de 1.4 FGW y se proyecta que generarán ingresos anuales de 135-140 millones de dólares y un EBITDA de 100-110 millones de dólares cuando estén operativos en 2025-2026.
Quail Ranch cuenta con un contrato PPA de 20 años con la Public Service Company de Nuevo México y se beneficiará de la infraestructura compartida con el proyecto Atrisco en operación. El financiamiento fue liderado por un consorcio que incluye a BNP Paribas, Crédit Agricole, Natixis y Nord/LB, con el préstamo de construcción que se espera se convierta en un préstamo a plazo de 120 millones de dólares al finalizar la construcción.
Enlight Renewable Energy (NASDAQ: ENLT)는 뉴멕시코주 앨버커키 근처에 위치한 Quail Ranch 프로젝트를 위해 2억 4천 3백만 달러의 건설 자금을 확보했습니다. 이 프로젝트는 128 MW의 태양광 발전과 400 MWh의 배터리 저장 용량을 결합하여 2025년 말까지 완료될 예정입니다.
이는 Enlight가 4개월 만에 미국에서 세 번째 재정 마감을 한 것으로, 총 15억 달러의 프로젝트 금융을 달성했습니다. 현재 건설 중인 세 개의 프로젝트는 총 1.4 FGW의 용량을 가지고 있으며, 2025-2026년 운영 시 연간 수익 1억 3천 5백만에서 1억 4천만 달러, EBITDA 1억에서 1억 1천만 달러를 생성할 것으로 예상됩니다.
Quail Ranch는 뉴멕시코 공공 서비스 회사와 20년 간의 버스바 PPA 계약을 체결하였으며, 운영 중인 Atrisco 프로젝트와의 공유 인프라로부터 혜택을 받을 것입니다. 이 자금 조달은 BNP Paribas, Crédit Agricole, Natixis 및 Nord/LB를 포함한 컨소시엄에 의해 주도되었으며, 건설 대출은 완료 시 1억 2천만 달러의 기간 대출로 전환될 것으로 예상됩니다.
Enlight Renewable Energy (NASDAQ: ENLT) a sécurisé 243 millions de dollars de financement pour la construction de son projet Quail Ranch près d'Albuquerque, Nouveau-Mexique. Le projet combine 128 MW de production solaire avec une capacité de stockage de 400 MWh et devrait être achevé d'ici fin 2025.
Ceci marque la troisième clôture financière d'Enlight aux États-Unis en quatre mois, totalisant 1,5 milliard de dollars en financement de projet. Les trois projets en construction ont une capacité combinée de 1,4 FGW et devraient générer des revenus annuels de 135 à 140 millions de dollars et un EBITDA de 100 à 110 millions de dollars lorsqu'ils seront opérationnels en 2025-2026.
Quail Ranch dispose d'un contrat PPA de 20 ans avec la Public Service Company du Nouveau-Mexique et bénéficiera d'infrastructures partagées avec le projet Atrisco opérationnel. Le financement a été dirigé par un consortium comprenant BNP Paribas, Crédit Agricole, Natixis et Nord/LB, le prêt de construction devant se convertir en un prêt à terme de 120 millions de dollars à l'achèvement.
Enlight Renewable Energy (NASDAQ: ENLT) hat 243 Millionen Dollar an Baufinanzierung für sein Quail Ranch Projekt in der Nähe von Albuquerque, New Mexico, gesichert. Das Projekt kombiniert 128 MW Solarenergie mit einer Speicherkapazität von 400 MWh und soll bis Ende 2025 abgeschlossen sein.
Dies ist der dritte Finanzierungsabschluss von Enlight in den USA innerhalb von vier Monaten, mit insgesamt 1,5 Milliarden Dollar an Projektfinanzierung. Die drei im Bau befindlichen Projekte haben eine kombinierte Kapazität von 1,4 FGW und es wird prognostiziert, dass sie jährliche Einnahmen von 135-140 Millionen Dollar und ein EBITDA von 100-110 Millionen Dollar erzielen werden, wenn sie 2025-2026 in Betrieb gehen.
Quail Ranch verfügt über einen 20-jährigen Busbar-PPA mit der Public Service Company von New Mexico und wird von der gemeinsamen Infrastruktur mit dem operativen Atrisco-Projekt profitieren. Die Finanzierung wurde von einem Konsortium angeführt, zu dem BNP Paribas, Crédit Agricole, Natixis und Nord/LB gehören, wobei der Baukredit voraussichtlich in einen 120 Millionen Dollar-Darlehen umgewandelt wird, sobald die Arbeiten abgeschlossen sind.
- Secured $243 million in construction financing for Quail Ranch project
- Three U.S. projects to generate $135-140 million annual revenue and $100-110 million EBITDA
- 20-year PPA secured with Public Service Company of New Mexico
- Shared infrastructure with Atrisco project reduces construction and operating costs
- Project eligible for Energy Community Tax Credit Bonus
- Construction loan to be reduced to $120 million term loan upon completion
Insights
Enlight's third U.S. financial close in just four months represents exceptional execution capability in a challenging capital environment. The secured
The financial structure follows renewable industry best practices, with construction loans converting to a
When operational, these three projects (1.4 FGW capacity) are projected to generate
The 20-year PPA with Public Service Company of New Mexico provides predictable long-term cash flows, while the Energy Community Tax Credit Bonus eligibility enhances returns. The shared infrastructure approach with the Atrisco project represents smart capital allocation, accelerating development timelines and reducing both construction and operating costs.
Enlight's Quail Ranch represents a strategically designed renewable asset combining 128 MW solar with 400 MWh battery storage—a configuration increasingly essential for grid stability. The project's location on a 1,800-meter elevation desert plateau optimizes solar irradiation capture, directly impacting generation efficiency and financial performance.
The expansion approach from the existing Atrisco site demonstrates operational intelligence—leveraging shared infrastructure reduces interconnection challenges and accelerates development timelines in a market where grid connections are increasingly constrained. This integrated campus model allows for economies of scale in both construction and ongoing operations.
The secured 20-year busbar PPA with Public Service Company of New Mexico provides exceptional revenue stability while the battery component likely commands premium pricing for dispatchable power. The Energy Community Tax Credit Bonus eligibility further enhances project economics under the Inflation Reduction Act framework.
Most significant is Enlight's disclosed pipeline, with two additional megaprojects totaling 2.6 FGW capacity targeting high-irradiation western regions—potentially their most productive assets yet. These projects represent Enlight's third wave of U.S. development and will significantly expand their operational footprint beyond the current and under-construction assets that will collectively generate
The financial close for Quail Ranch includes
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
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
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
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
“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 Clenera. “We continue to demonstrate our ability to bring high-quality projects banks remain excited about, despite market turbulence. Quail Ranch builds on our incredible success in New Mexico and will help meet the high demand for power to fuel American businesses and homes.”
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.
Investor Contact
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Cautionary Note Regarding Forward-Looking Statements
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. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, , sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
FAQ
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