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Enlight Renewable Energy filed a registration statement on Form F-1 with the SEC for an initial public offering (IPO) of its ordinary shares in the U.S. The offering's share quantity and pricing remain unspecified, and Enlight plans to list on Nasdaq under the ticker symbol 'ENLT.' J.P. Morgan, BofA Securities, and Barclays will serve as lead book-running managers, with Credit Suisse and Wolfe as joint managers. The registration statement is pending effectiveness; no securities may be sold until it is active. Enlight, founded in 2008, operates in solar, wind, and energy storage across the U.S., Israel, and nine European countries.
Enlight Renewable Energy has successfully met all regulatory requirements for the Björnberget wind farm, its largest operational project at 372 MW capacity. Located in Scandinavia, the wind farm is expected to achieve full commercial operation by Q1 2023. With 60 turbines from Siemens Gamesa, the project has commenced sales of electricity in the market. Enlight has secured a 10-year Power Purchase Agreement for 70% and 50% of the electricity generated in the initial and latter five years, respectively, enhancing revenue stability.
Clēnera, a subsidiary of Enlight Renewable Energy (TASE: ENLT), has successfully closed construction and tax equity financing for the 105 MWdc Apex Solar project in Beaverhead County, Montana. The financing was provided by Bank of America and NORD/LB for construction, with Huntington National Bank offering tax equity financing. The project aims to generate additional carbon-free power for NorthWestern Energy's customers, contributing to their sustainability goals. Apex Solar is expected to become operational by Q2 2023, marking it as one of Montana's largest utility-scale solar projects.
Enlight Renewable Energy has announced the acquisition and joint development of a substantial 525 MW portfolio of renewable energy projects in Croatia, comprising 386 MW of solar and 139 MW of wind. Construction is expected to begin between late 2023 and 2025, pending successful development phases. This acquisition enhances Enlight's existing operations in Croatia, which include the Lukovac wind project, and supports the country's ambitious renewable energy goals of increasing electricity generation from renewable sources.
Enlight Renewable Energy has initiated commercial operations for Gecama, Spain's largest wind farm with a capacity of 329 MW, completed ahead of schedule. This pivotal project is expected to deliver clean power to approximately 260,000 households and reduce CO2 emissions by 150,000 tons annually. Enlight holds a 72% interest in the project alongside the Phoenix Group and Menora Group. Revenue projections for the first year of operation range between 74-82 million Euros, with an EBITDA of 62-70 million Euros.
Clēnera and Wolverine Power Cooperative have announced a 20-year Power Purchase Agreement for the Gemstone Solar project, set to be operational by the end of 2023. Gemstone Solar will deliver 150 MWac (180 MWdc) of clean energy, sufficient to power over 24,000 homes in Michigan. Construction, beginning in spring 2023, will create approximately 350 jobs. This project enhances Wolverine's 60% carbon-free energy portfolio and demonstrates Clēnera's growth in the renewable energy sector.
Clēnera and SRP have signed a 20-year Power Purchase Agreement (PPA) for the CO Bar Solar project, which will be Arizona's largest standalone solar power plant, delivering 440-480 MW of renewable energy. Scheduled for commercial operation in 2024, the plant will occupy 2,400 acres in Coconino County and create approximately 550 construction jobs. CO Bar Solar will provide enough power for 80,000 homes and reduce carbon dioxide emissions by 1 billion pounds annually. This project supports SRP's goal of achieving nearly 50% carbon-free energy by 2025.
Hoosier Energy and Clēnera have signed a 20-year Power Purchase Agreement (PPA) for the Rustic Hills Solar project in Indiana, marking Hoosier's first PPA with Clēnera. The solar facility is expected to produce 120 MWDC, powering over 17,000 homes and creating 300 construction jobs. Hoosier Energy is transitioning to renewable sources, with plans to retire its coal-powered plant by May 2023, saving over $700 million over a decade. The project aims to be operational by late 2023, aligning with national goals for increased solar energy usage.
Enlight Renewable Energy LTD (TASE: ENLT) has announced its acquisition of Clēnera, a U.S. solar and storage developer, for an enterprise value of up to USD $433 million. Enlight will acquire 90% of Clēnera's shares, while the founders retain 10%. The deal involves $158 million in upfront payments, with additional performance-based payments. This acquisition enhances Enlight's portfolio to over 16 GWdc of solar and wind and 7.5 GWh of energy storage across 11 countries, aiming for substantial growth in the U.S. renewable market.
The Björnberget wind farm project has reached financial closure, securing funding between EUR 430-440 million. Financing includes a long-term facility of EUR 210 million and additional guarantees totaling EUR 90-95 million. Enlight Renewable Energy holds a 61% stake in the project. This wind farm will feature 60 Siemens Gamesa turbines and is expected to commence operations by the end of 2022. A power purchase agreement guarantees the sale of 50% of its electricity for the first decade.
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