Enlight Renewable gets $511 million in financing for solar projects

By Mary-Katherine Stinson

Lexington, Ky., Dec. 18 – Enlight Renewable Energy via its subsidiaries completed about $511 million of project financing for its Atrisco solar project outside of Albuquerque and its combined solar and storage cluster in Israel, according to a 6-K filing with the Securities and Exchange Commission.

Clenera Holdings, LLC, via a wholly owned subsidiary, signed a $300 million definitive construction facility agreement on Dec. 13 with a consortium of lenders led by HSBC Securities (USA) Inc. for the Atrisco project.

The Atrisco project term loan is structured as a five-year mini perm with a 23-year underlying amortization profile, and is subject to an all-in cost of 5.4% to 5.9%.

The facility will be used to finance the construction of Atrisco Solar, whose total cost is expected to be $395 million.

The Atrisco financing also includes a $107 million term loan and tax equity financing of $198 million provided by Bank of America, NA, which will refinance the facility as of the project’s commercial operation date expected to be during the third quarter of 2024.

As part of the Israeli solar and storage financing, Enlight Financing LP, a wholly owned limited partnership, entered into a $211 million definitive construction facility agreement on Nov. 29 with Bank Hapoalim.

The financing has a 20-year amortization period and a six-year mini-perm term, with an interest rate of 2.4% to 2.9% above Israeli nominal government bond yields.

The facility will be used to finance the project’s construction at an expected total cost of $290 million.

The solar and storage cluster is made up of 11 combined solar and battery storage projects across Israel. To date, three projects have reached their commercial operation date and eight are in various stages of construction.

Enlight Renewable Energy is a Tel Aviv-based company involved in the development, financing, construction, and operations of renewable energy generation projects.

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