Financial Close Achieved for Atrisco Project
Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT.TA) announced the financial close for the energy storage segment of its flagship Atrisco Solar and Energy Storage project. Located near Albuquerque, New Mexico, this project marks a significant milestone for Enlight. The company previously secured funding for the solar portion in December 2023, completing the financial arrangements for the entire Atrisco project.
Details of the Atrisco Project
The Atrisco complex boasts a 364 MW solar generation capacity paired with 1.2 GWh of battery storage. The total construction cost of $827 million is financed through $290 million in term debt and $420 million in tax equity. Enlight’s long-term equity investment totals $117 million. The project, Enlight’s largest to date, is now in the commissioning phase and aims for full commercial operation by year-end.
Financing Arrangements
Enlight, through its subsidiary Clenera Holdings LLC, secured a $401 million loan from a consortium of eight global banks led by HSBC. This loan will convert into a $185 million term loan and $222 million in tax equity financing upon the project’s completion. The term loan features a 20-year amortization profile with a 5-year mini-perm and a fixed interest rate between 5.6% and 5.9%. These favorable terms highlight the Atrisco project’s high quality.
The Atrisco Solar segment was financed by leading global banks led by HSBC, with Bank of America providing tax equity. This portion qualified for the Energy Community IRA adder due to its brownfield addition.
Enlight expects to recycle $234 million of equity back to its balance sheet from the Atrisco project, funding future growth. Atrisco is expected to generate $51-55 million in revenue and $41-45 million in EBITDA in its first full year of operation.
Enlight’s Expansion into the U.S. Market
The Atrisco project is part of Enlight’s broader U.S. expansion, including upcoming projects like Country Acres, Roadrunner, and Quail Ranch. This expansion is set to increase the U.S. share of Enlight’s total installed capacity from 5% in 2023 to 59% by 2026.
CEO Gilad Yavetz emphasized the importance of the Atrisco project, stating, “The Atrisco complex is Enlight’s flagship project in the United States, and today’s financial close is another important step in the completion of this project. Enlight is embarking on an ambitious and rapid growth plan in the U.S., which is set to become a major market for us in the coming years.”
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates in the United States, Israel, and 10 European countries, across solar, wind, and energy storage segments. The company has been traded on the Tel Aviv Stock Exchange since 2010 and completed its U.S. IPO in 2023.
Source：apnews.com
