Enlight Renewable announces $1.44B debt financing

Enlight Renewable (ENLT) entered into a debt financing agreement for “Snowflake A”, located near Holbrook, Arizona. Snowflake A is the largest project in the company’s portfolio to reach financial close. It combines 600 MW of solar power generation with 1,900 MWh of energy storage capacity and is expected to achieve commercial operation during the second half of 2027. Once operational, it will produce enough energy to power nearly 110,000 Arizona homes. Snowflake A marks the initial phase of the broader Snowflake complex in Arizona. The upcoming second and larger phase, currently in Enlight’s Advanced Development Portfolio, will leverage the strategic 1 gigawatt grid interconnection, enabling the project to maximize operational and development efficiencies. This project exemplifies Enlight’s “Connect and Expand” strategy, as the robust grid connection facilitates greater scale and enhances returns at a lower risk. The project has a 20-year busbar solar power purchase and energy storage agreement with Arizona Public Service, expected to provide predictable cash flows over the life of the contract, and to expand returns on investment with a relatively low equity contribution. Once operational, Snowflake A is expected to contribute approximately $128 million in revenue and $104 million in EBITDA in its first full year of operation after COD. As part of the financing, Enlight, through Clenera, has secured commitments from a consortium of 6 leading global banks, including Wells Fargo Bank N.A, BNP Paribas, Natixis Corporate and Investment Banking, Nord/LB, Credit Agricole Corporate and Investment Bank, and MUFG Bank, Ltd., totalling $1.438 billion1. Following COD, a portion of the loan is expected to convert into a term loan, with the remaining loans expected to be repaid with tax equity proceeds. Enlight expects to obtain a tax equity investment in the Snowflake A project during 2026.