Enlight subsidiary Clēnera Holdings has secured approximately $2.6 billion in debt financing for the CO Bar Complex, a five-phase solar and battery energy storage project in Arizona representing a total investment of approximately $3 billion.
The project will combine 1.2 gigawatts (GW) of solar generation and 4 gigawatt-hours (GWh) of energy storage, making it one of the largest solar+storage projects in the United States.
According to ESS News, the financing comprises a $1.7 billion term loan and approximately $1.5 billion in tax equity proceeds, provided by a consortium of seven financial institutions including BNP Paribas, Crédit Agricole, MUFG Bank, Natixis, Nord/LB, Societe Generale, and Wells Fargo.
Each project within the complex is expected to be eligible for a 10% Energy Community bonus tax credit, with Enlight also planning to pursue the 10% Domestic Content bonus tax credit for the fourth and fifth phases.
“Securing this financing for our largest project to date is a strong vote of confidence in Enlight and Clēnera, and in the quality of our US portfolio. As electricity demand continues to grow, projects like CO Bar demonstrate the role we can play in delivering reliable, clean power at scale,” said Adi Leviatan, CEO of Enlight.
Revenue certainty has been secured through five signed offtake agreements, including a 20-year solar power purchase agreement and energy storage agreements with Salt River Project and Arizona Public Service.
Construction of the first three phases is underway, with the first phase scheduled for commercial operation in the second half of 2027.
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