Enlight Renewable Energy Ltd, through its subsidiary Clenera Holdings LLC, has secured $773 mn in construction financing from a consortium of international banks for the Country Acres project. Located near Sacramento, California, the site will combine 403 megawatts (MW) of solar generation capacity with 688 megawatt-hours (MWh) of storage. Construction has already commenced on the 966-acre site, with all procurement contracts signed.
A banking consortium led by BNP Paribas
The financing consortium includes BNP Paribas Securities Corp, Crédit Agricole CIB, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB). Upon reaching commercial operation date (COD), the construction loan is set to convert into a $376 mn term loan. Enlight also anticipates closing a tax equity transaction during the construction phase. The project has met U.S. regulatory requirements qualifying it for “safe harbor” status for early-stage construction.
Country Acres holds a 30-year solar Power Purchase Agreement (PPA) and a 20-year storage PPA, both signed with the Sacramento Municipal Utility District (SMUD).
Enlight accelerates U.S. expansion
Country Acres is part of a growing U.S. project portfolio for Enlight and Clenera, following previous developments in Apex, Montana, and Atrisco, New Mexico. Other projects, such as Quail Ranch (128 MW and 400 MWh) and Roadrunner (290 MW and 940 MWh), are also under development. Once these projects are completed, Enlight expects its annual U.S. revenue to reach between $195 mn and $207 mn.
The next two major initiatives—Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh)—are scheduled to begin construction in the coming months. Each of these sites includes a 1.0 GW grid connection, among the largest in the U.S., supporting Enlight’s “Connect and Expand” strategy aimed at leveraging existing interconnection infrastructure to enable further capacity development.
Lenders engaged in successive projects
Country Acres marks the second financing deal completed between Enlight and the same group of lenders in under three months. Ilan Goren, General Manager of Enlight USA, highlighted the importance of this continuity in partnership. The project also reflects Clenera’s strengthening relationships with financial partners, who have reiterated their support for the company’s development pipeline.
