Enlight Renewable Energy (Enlight) has secured $243 million in construction financing commitments for the Quail Ranch project. This has been secured through Enlight’s US subsidiary Clenera Holdings LLC. The construction loan is a part of the financial close for Quail Ranch, which is located near Albuquerque, New Mexico, US.
Furthermore, the project combines 128 MW of solar generation with 400 MWh of battery storage capacity. It is expected to be completed by the end of 2025. The offtake for both generation and storage volumes has been secured by a 20-year busbar power purchase agreement with the Public Service Company of New Mexico. Additionally, the financial close was led by a consortium of four global banks, namely BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale.
Earlier in December 2024, Enlight Renewable Energy Ltd. secured debt financing for the Roadrunner project located in Arizona, US. As a part of this debt financing, Enlight, through its subsidiary Clenera Holdings LLC, entered into a $550 million loan agreement with four global banks. This financing is expected to convert into a $290 million term loan and $320 million in tax equity funding upon the project’s COD.
