United States: Enlight Announces $550 Million Financing for Solar Project in Arizona

Enlight Renewable Energy secured $550 million financing to develop a 290 MW solar and 940 MWh energy storage project in Arizona. The project, expected by the end of 2025, reflects a strategic dynamic in the sector.

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Enlight Renewable Energy Ltd. has finalized structured financing of $550 million for its Roadrunner project, a solar park located near Tucson, Arizona, United States. This ambitious project combines a production capacity of 290 megawatts (MW) with an energy storage solution reaching 940 megawatt-hours (MWh).

Structured Financing by Key Players

The financing was organized with the support of a consortium comprising BNP Paribas, Crédit Agricole, Natixis CIB, and Norddeutsche Landesbank Girozentrale (Nord/LB). These institutions structured a construction loan to be converted into term financing upon the commercial operation date (COD), scheduled for late 2025.

The total project cost is estimated at $610 million, with Enlight contributing 10% in equity during the construction phase. Interest rates are based on SOFR (Secured Overnight Financing Rate), with a slight increase after four years to reach a maximum of SOFR + 1.75%.

Economic Impact and Energy Framework

This project aligns with the high energy demand in Arizona, a state experiencing rapid data center growth. The region offers ideal climatic conditions, with high solar irradiance and weather stability favorable to large-scale projects.

Enlight expects to generate annual revenues of $51 to $54 million in the project’s first year of full operation, supported by a 20-year power purchase agreement with Arizona Electric Power Cooperative (AEPCO).

Regional Strategies and Expansion Perspectives

The Roadrunner project is part of a series of strategic initiatives aimed at strengthening Enlight’s position in the United States. The company operates under a “Connect and Expand” strategy, enabling the use of existing infrastructure to increase energy production capacity.

Among the next major projects in Arizona are Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh), which are expected to begin construction in the coming months. These initiatives aim to meet the growing electricity demand while supporting the regional energy transition.

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