Enlight Renewable Energy has reached financial close on the CO Bar Complex in Arizona, locking in approximately USD 2.6 billion in debt financing for what the company describes as its largest project to date.

The financing was provided by a consortium of seven global financial institutions and marks a significant milestone for both Enlight and its U.S. subsidiary Clēnera Holdings.

Project Scale and Structure

The CO Bar Complex comprises five individual projects combining solar power generation and energy storage. In total, the complex delivers approximately 1.2 gigawatts of solar power generation capacity and 4.0 gigawatt-hours of energy storage capacity.

The complex is anchored by a 1 GW AC interconnection agreement, which Enlight describes as central to its Connect and Expand strategy, an approach that leverages a large grid connection to develop multiple solar and storage projects as part of a single large-scale cluster.

The five projects are structured with distinct roles. CO Bar 1 combines solar power generation and energy storage. CO Bar 2 and CO Bar 3 are solar generation projects. CO Bar 4 and CO Bar 5 are dedicated energy storage projects.

Construction of CO Bar 1 through 3 is fully mobilized as of the announcement, with CO Bar 4 and 5 expected to reach full mobilization in the second half of 2026.

Commercial operation of the projects within the complex is expected to occur in phases, beginning in the second half of 2027 and running through the first half of 2028.

Total Investment and Financial Framework

The total investment for the CO Bar Complex is estimated in the range of USD 2,900 million to USD 3,045 million. This figure includes USD 1,705 million of term debt.

Estimated tax equity proceeds are projected between USD 1,450 million and USD 1,525 million, resulting in a total complex investment net of tax equity in the range of USD 1,450 million to USD 1,520 million.

The approximately USD 2.6 billion in financing commitments were provided by BNP Paribas Securities Corp., Crédit Agricole CIB, MUFG Bank, Natixis Corporate and Investment Banking, Norddeutsche Landesbank Girozentrale (Nord/LB), Société Générale, and Wells Fargo.

Within the consortium, specific roles were assigned to individual institutions: Nord/LB served as documentation agent, Natixis acted as due diligence coordinator, MUFG took on the role of administrative agent, BNP served as collateral agent and depositary, and Crédit Agricole CIB acted as hedge coordinator.

CO Bar 1 and CO Bar 2 have already met the conditions precedent to the debt draw. CO Bar 3 through 5 are expected to satisfy the applicable conditions precedent to their respective debt draws in the coming months.

Enlight expects to sign an agreement with a tax equity partner during 2027. The company also stated that each project in the complex is expected to be eligible for the 10% Energy Community bonus tax credit, and that it intends to pursue the 10% Domestic Content bonus tax credit specifically for CO Bar 4 and 5.

Revenue and EBITDA Projections

In its first full year of operation, the CO Bar Complex is expected to generate between USD 250 million and USD 260 million in revenues, with EBITDA projected in the range of USD 205 million to USD 210 million.

The announcement summarized these figures as approximately USD 255 million in revenues and approximately USD 205 million in EBITDA for the first full year of complex operation.

Offtake Agreements with Arizona Utilities

The complex is described as fully subscribed through five offtake agreements. These include 20-year busbar solar power purchase agreements and energy storage agreements with Salt River Project and Arizona Public Service, two of Arizona's major utilities. The agreements are intended to provide long-term contracted revenues across the complex.

Clēnera CEO Jared McKee stated that the project will generate enough power for nearly 220,000 homes across Arizona.

Strategic Significance for Enlight and Clēnera

Enlight, founded in 2008 and listed on both the Tel Aviv Stock Exchange and Nasdaq following its U.S. IPO in 2023, develops, finances, constructs, owns, and operates utility-scale renewable energy projects across solar, wind, and energy storage. The company operates in the United States, Israel, and Europe.

Enlight CEO Adi Leviatan described the transaction as a demonstration of the company's ability to convert its development pipeline into financed, contracted, and executable assets.

"Securing this financing for our largest project to date is a strong vote of confidence in Enlight and Clēnera, and in the quality of our U.S. portfolio," Leviatan said in the announcement.

McKee characterized the financing as the largest in Clēnera's history and called the project a long-term, generational asset. "CO Bar is more than a project — it is a long-term, generational asset that will provide reliable, sustainable energy and support the region's continued growth," McKee said.

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