Enlight Secures $550M Financing for 290MWdc Solar-Plus-Storage Project in Arizona

Enlight Renewable Energy, through its subsidiary Clēnera Holdings, has secured $550 million in financing for the 290MWdc/940MWh Roadrunner solar-plus-storage project near Tucson, Arizona. Known as Apache Solar II, this is Enlight’s second-largest project after the 364MWdc/1,200MWh Atrisco project in New Mexico.

The financing, arranged with BNP Paribas Securities Corp, Crédit Agricole, Natixis CIB, and Norddeutsche Landesbank Girozentrale, includes a $290 million term loan and $320 million in tax equity funding, which will activate upon the project’s commercial operation date (COD). Paragon Energy Capital acted as Clēnera’s financial advisor.

Construction has begun on Roadrunner, with COD expected by late 2025. The project, supported by a 20-year busbar power purchase agreement (PPA) with Arizona Electric Power Cooperative (AEPCO), is forecast to generate $51-54 million in revenue and $41-44 million EBITDA in its first year.

Enlight’s ongoing projects in Arizona include the 600MW/1,900MWh Snowflake and the 1,211MW/824MWh CO Bar projects, which align with its “Connect and Expand” strategy to maximize existing interconnect capacity. Additionally, Enlight and Clēnera are advancing two other solar-plus-storage projects in the U.S.: the 392MWdc/688MWh Country Acres in California and the 128MWdc/400MWh Quail Ranch in New Mexico.

AEPCO approved the Roadrunner project in October 2023, and Clēnera’s affiliate also secured a busbar PPA with Sacramento Municipal Utility District (SMUD) for the Country Acres project. Enlight continues to strengthen its position in the renewable energy sector with these developments.