Enlight Renewable Energy Ltd (ENLT) Monday announced that it has closed $243 million in construction financing for its Quail Ranch project in New Mexico, combining 128 MW of solar with 400 MWh of battery storage.
Scheduled for completion by late 2025, the project's energy output is secured under a 20-year PPA with Public Service Company of New Mexico.
An extension of the Atrisco project, Quail Ranch shares infrastructure to cut costs and speed up development. It's the third major U.S. project Enlight has financed in four months, with total funding of $1.5 billion across three projects—Roadrunner, Country Acres, and Quail Ranch—expected to generate up to $140M in annual revenue and $110M in EBITDA.
The deal was backed by global lenders including BNP Paribas, Crédit Agricole, Natixis, and Nord/LB. Enlight expects to finalize a tax equity deal in 2025 and benefit from the Energy Community Tax Credit Bonus.
CEOs Gilad Yavetz and Adam Pishl highlighted the milestone as proof of Enlight's strength in a volatile market and its readiness to expand further, with two more megaprojects (2.6 FGW total) in development in the U.S.
Monday, ENLT closed at $15.21, up 2.22%, and is currently trading at $15.20, up 0.56%, on the Nasdaq Global Select Market.
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