$773M Green Energy Deal: Enlight’s Mega Solar-Storage Project to Power 80,000 Homes

March 31, 2025

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Enlight Renewable Energy (NASDAQ: ENLT) has secured $773 million in debt financing for its Country Acres project near Sacramento, California. The project combines 403 MW of solar generation with 688 MWh of energy storage capacity, expected to be operational by second half of 2026.

The financing package, arranged with BNP Paribas, Crédit Agricole, Natixis, and Nord/LB, will convert into a $376 million term loan upon project completion. Country Acres features a 30-year solar generation PPA and 20-year energy storage agreement with Sacramento Municipal Utility District (SMUD).

The 966-acre project has begun construction and will power approximately 80,000 California households. This development is part of Enlight’s U.S. expansion, which includes other major projects like Quail Ranch and Roadrunner, with expected annual U.S. revenue of $195-207 million after completion of current construction projects.

Enlight Renewable Energy (NASDAQ: ENLT) ha ottenuto 773 milioni di dollari in finanziamenti per debito per il suo progetto Country Acres vicino a Sacramento, California. Il progetto combina 403 MW di generazione solare con 688 MWh di capacità di stoccaggio energetico, previsto operativo nella seconda metà del 2026.

Il pacchetto di finanziamento, organizzato con BNP Paribas, Crédit Agricole, Natixis e Nord/LB, si convertirà in un prestito a termine di 376 milioni di dollari al completamento del progetto. Country Acres presenta un contratto PPA per la generazione solare di 30 anni e un accordo di stoccaggio energetico di 20 anni con il Sacramento Municipal Utility District (SMUD).

Il progetto di 966 acri ha avviato la costruzione e fornirà energia a circa 80.000 famiglie californiane. Questo sviluppo fa parte dell’espansione di Enlight negli Stati Uniti, che include altri progetti importanti come Quail Ranch e Roadrunner, con un fatturato annuale previsto negli Stati Uniti di 195-207 milioni di dollari dopo il completamento dei progetti di costruzione attuali.

Enlight Renewable Energy (NASDAQ: ENLT) ha conseguido 773 millones de dólares en financiamiento de deuda para su proyecto Country Acres cerca de Sacramento, California. El proyecto combina 403 MW de generación solar con 688 MWh de capacidad de almacenamiento de energía, que se espera esté operativo en la segunda mitad de 2026.

El paquete de financiamiento, organizado con BNP Paribas, Crédit Agricole, Natixis y Nord/LB, se convertirá en un préstamo a plazo de 376 millones de dólares al finalizar el proyecto. Country Acres cuenta con un contrato PPA de generación solar de 30 años y un acuerdo de almacenamiento de energía de 20 años con el Sacramento Municipal Utility District (SMUD).

El proyecto de 966 acres ha comenzado su construcción y proporcionará energía a aproximadamente 80,000 hogares californianos. Este desarrollo es parte de la expansión de Enlight en EE. UU., que incluye otros proyectos importantes como Quail Ranch y Roadrunner, con ingresos anuales esperados en EE. UU. de 195-207 millones de dólares tras la finalización de los proyectos de construcción actuales.

Enlight Renewable Energy (NASDAQ: ENLT)는 캘리포니아 새크라멘토 근처의 Country Acres 프로젝트를 위해 7억 7천 3백만 달러의 채무 금융을 확보했습니다. 이 프로젝트는 403 MW의 태양광 발전과 688 MWh의 에너지 저장 용량을 결합하며, 2026년 하반기부터 가동될 예정입니다.

BNP Paribas, Crédit Agricole, Natixis 및 Nord/LB와 함께 구성된 금융 패키지는 프로젝트 완료 시 3억 7천 6백만 달러의 기간 대출로 전환됩니다. Country Acres는 새크라멘토 시립 유틸리티 구역(SMUD)과 30년 태양광 발전 PPA 및 20년 에너지 저장 계약을 체결하고 있습니다.

966에이커 규모의 프로젝트는 건설을 시작했으며 약 80,000 가구에 전력을 공급할 것입니다. 이 개발은 Enlight의 미국 확장의 일환으로, Quail Ranch 및 Roadrunner와 같은 다른 주요 프로젝트를 포함하며, 현재의 건설 프로젝트 완료 후 미국에서 예상되는 연간 수익은 1억 9천 5백만에서 2억 7백만 달러입니다.

Enlight Renewable Energy (NASDAQ: ENLT) a sécurisé 773 millions de dollars de financement par emprunt pour son projet Country Acres près de Sacramento, Californie. Le projet combine 403 MW de production solaire avec 688 MWh de capacité de stockage d’énergie, qui devrait être opérationnel dans la seconde moitié de 2026.

Le package de financement, organisé avec BNP Paribas, Crédit Agricole, Natixis et Nord/LB, se convertira en un prêt à terme de 376 millions de dollars à l’achèvement du projet. Country Acres dispose d’un contrat PPA de production solaire de 30 ans et d’un accord de stockage d’énergie de 20 ans avec le Sacramento Municipal Utility District (SMUD).

Le projet de 966 acres a commencé sa construction et alimentera environ 80 000 foyers californiens. Ce développement fait partie de l’expansion d’Enlight aux États-Unis, qui comprend d’autres projets majeurs comme Quail Ranch et Roadrunner, avec des revenus annuels prévus aux États-Unis de 195-207 millions de dollars après l’achèvement des projets de construction en cours.

Enlight Renewable Energy (NASDAQ: ENLT) hat 773 Millionen Dollar an Fremdkapital für sein Country Acres-Projekt in der Nähe von Sacramento, Kalifornien, gesichert. Das Projekt kombiniert 403 MW Solarstromerzeugung mit 688 MWh Energiespeicherkapazität und soll in der zweiten Hälfte des Jahres 2026 in Betrieb gehen.

Das Finanzierungsangebot, das mit BNP Paribas, Crédit Agricole, Natixis und Nord/LB arrangiert wurde, wird bei Abschluss des Projekts in ein 376 Millionen Dollar Darlehen umgewandelt. Country Acres verfügt über einen 30-jährigen PPA für die Solarstromerzeugung und einen 20-jährigen Energiespeichervertrag mit dem Sacramento Municipal Utility District (SMUD).

Das 966 Hektar große Projekt hat mit dem Bau begonnen und wird etwa 80.000 Haushalte in Kalifornien mit Strom versorgen. Diese Entwicklung ist Teil von Enlights Expansion in den USA, die auch andere große Projekte wie Quail Ranch und Roadrunner umfasst, mit einem erwarteten jährlichen Umsatz in den USA von 195-207 Millionen Dollar nach Abschluss der aktuellen Bauprojekte.

Positive

  • Secured substantial $773 million debt financing for Country Acres project
  • Long-term revenue security with 30-year solar PPA and 20-year storage agreement
  • Construction already started with all procurement contracts signed
  • Project qualifies for tax equity benefits through safe harbor status
  • Expected U.S. revenue of $195-207 million annually after project completion

Negative

  • Full project completion not expected until second half of 2026
  • Significant debt burden with $773 million construction loan

Insights

Enlight’s securing of $773 million in construction financing for the Country Acres project represents a significant capital milestone that strengthens the company’s growth trajectory in the U.S. market. With the construction loan expected to convert into a $376 million term loan upon commercial operation, Enlight has effectively structured long-term financing that reduces capital uncertainty.

The 30-year solar generation PPA and 20-year energy storage agreement with Sacramento Municipal Utility District provide crucial revenue visibility and stability. This contracted revenue structure substantially de-risks the project economics and creates predictable cash flows – the holy grail for renewable energy project finance.

Most impressive is the company’s rapidly expanding U.S. footprint. Upon completion of projects currently under construction, Enlight projects a U.S. revenue run rate of $195-207 million annually. This represents a substantial revenue stream relative to Enlight’s $1.89 billion market capitalization. The project pipeline, including the massive Snowflake and CO Bar developments totaling over 1.8 GW of solar and 2.7 GWh of storage, demonstrates aggressive but methodical scaling.

The repeated successful financings with the same consortium of global banks validates both project viability and management’s execution capabilities. This growing relationship with major financial institutions creates a competitive advantage in securing capital for future projects at favorable terms – particularly important in today’s higher interest rate environment.

Country Acres represents a strategically positioned hybrid renewable asset combining 403 MW of solar with 688 MWh of energy storage capacity. This configuration is increasingly becoming the new standard for utility-scale deployments, particularly in capacity-constrained markets like California where grid reliability concerns intersect with aggressive decarbonization mandates.

The project’s construction timeline targeting COD in second half of 2026 appears realistic given that site work has already commenced and procurement contracts are secured – addressing two major risk factors in the current supply chain environment. The 966-acre footprint yields an efficient power density ratio of approximately 0.42 MW per acre.

Enlight’s “Connect and Expand” strategy mentioned with the upcoming Snowflake and CO Bar mega-projects is particularly noteworthy. By securing massive 1.0 GW interconnection capacities, the company has acquired extremely valuable grid access rights that can be leveraged for future expansion. In many U.S. markets, interconnection capacity has become a more scarce resource than land itself, creating a moat around these assets.

The Sacramento Municipal Utility District offtake agreement represents a high-quality counterparty with strong credit ratings. The busbar structure of both the solar and storage PPAs indicates the assets are selling energy directly at the generation point, simplifying operations by eliminating transmission risk that comes with hub-settled PPAs.

03/31/2025 – 06:01 AM

The debt financing package includes $773 million of construction loans

Country Acres consists of 403 MW of solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026

TEL AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading global renewable energy platform, announced today that the Company has received debt financing (the “Debt Financing”) for project Country Acres (“Country Acres” or “the Project”), located near Sacramento, California, USA.

As part of the Debt Financing, Enlight, through its subsidiary Clenera Holdings LLC, has secured construction financing commitments with a consortium of four leading global banks including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB), totaling $773 million.Upon the Project’s COD, the construction loan is expected to convert into a $376 million term loan.

The Project has a 30-year solar generation busbar PPAand 20-year energy storage busbar purchase agreement with the Sacramento Municipal Utility District (“SMUD”).The Company expects to conclude a tax equity transaction during the construction period, noting that the Project has met the terms required to achieve safe harbor status for beginning of construction.

Country Acres consists of 403 MW solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026. Construction at the 966-acre site has already begun, and all procurement contracts have been signed. The Project is expected to provide clean electricity equivalent to the average annual consumption of approximately 80,000 California households.

“We are grateful to once again be partnering with leading banks on one of our largest projects,” said Adam Pishl, President and CEO of Clenera. “The American-generated, reliable energy produced at Country Acres will fueling the homes and businesses in central California for decades to come.”

After the completion of Apex in Montana and Atrisco in New Mexico, Country Acres is one of several major solar and energy storage projects that Enlight and Clenera are now constructing in the U.S. These include Quail Ranch (128 MW and 400 MWh) and Roadrunner (290 MW and 940 MWh). Along with additional projects planned to be built in the years to come, these projects are driving Enlight’s massive expansion into the U.S. renewable energy market. This is best illustrated by the growing run rate of Enlight’s U.S. revenue base, which is expected to reach $195-207 million annually after the completion of the projects now under construction.

The Company’s next projects in the western Unites States are Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh). The two mega projects have almost completed their development phase, and are scheduled to begin construction in the coming months. Each of the two projects employs a grid connection of 1.0 GW, one of the largest in the US. These grid connections generate potential additional development opportunities in the future through the Company’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity.

“Country Acres is the second financial closing that we have accomplished with the same group of lenders in the past three months, illustrating the extent of our partnership and cooperation,” said Ilan Goren, GM of Enlight USA. “We look forward to further deepening this relationship as Enlight and Clenera continue the build out of our large US project portfolio.”

“After the successful closing of Roadrunner, BNP Paribas is proud to once again support Clenera and Enlight as Coordinating Lead Arranger on their new landmark project financing of Country Acres,” said Aashish Mohan, Co-Head of Energy, Resources & Infrastructure Americas, at BNP Paribas. “Supporting premier platforms like Clenera squarely fits our energy infrastructure ambitions, and we look forward to growing our partnership with Clenera as they continue to execute on their high-quality U.S. renewables pipeline.”

Nasir Khan, Managing Director & Head of Real Assets and Global Trade Americas at Natixis Corporate & Investment Bankng said, “Natixis is thrilled to close our second transaction with Clenera on another robust renewable energy project financing, which aligns perfectly with our commitment to the energy transition. As Clenera continues to expand its pipeline of large-scale energy projects, we look forward to further strengthening our partnership and providing innovative capital solutions to meet its long-term financial needs.”

“CACIB is proud to partner with Clenera and Enlight once again on a landmark project which will deliver reliable, clean power to SMUD, underscoring our collective objective to provide long term sustainable and affordable power,” said Julien Tizorin – Head of Power and New Energy at CACIB

Sondra Martinez, Managing Director and Head of Originations Nord/LB’s said “Nord/LB is extremely excited to support Clenera and Enlight on the Country Acres financing. This deal demonstrates our commitment to supporting recurring clients as they advance the energy transition and provide affordable power to local communities.” 

About Enlight Renewable Energy

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, win energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

Investor Contact

Yonah Weisz
Director IR
investors@enlightenergy.co.il 

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.


FAQ

What is the total debt financing secured for Enlight’s (ENLT) Country Acres project?


Enlight secured $773 million in construction financing for the Country Acres project, which will convert to a $376 million term loan upon completion.

What is the power generation capacity of ENLT’s Country Acres project?


Country Acres features 403 MW of solar generation capacity and 688 MWh of energy storage capacity.

When will Enlight’s (ENLT) Country Acres project be fully operational?


The Country Acres project is expected to reach full Commercial Operation Date (COD) during the second half of 2026.

What is the expected annual U.S. revenue for Enlight (ENLT) after completing current construction projects?


Enlight’s U.S. revenue base is expected to reach $195-207 million annually after completing projects under construction.

How many California households will ENLT’s Country Acres project power?


The Country Acres project is expected to provide clean electricity to approximately 80,000 California households.