Enlight Renewable Energy signed a formal deal for acquiring a stake in Clēnera, a solar and storage company in the United States, for up to $433 million. Enlight will buy 90 per cent of Clēnera’s shares through a subsidiary in the United States, while the founders will keep 10 per cent. The transaction price will be split between $158 million in upfront payments and future performance-based incentives.
Clēnera is headquartered in Boise, Idaho, and employs around 80 people. The firm has designed and built 1.6 GWdc of utility scale solar. Clenera is now working on a portfolio of 12 GWdc solar and 5.5 GWh of energy storage in 20 states.
Enlight operates throughout Europe and Israel, and has a diverse portfolio of income-generating initiatives, ventures under construction, and projects in pre-construction totaling 2,000 MW, with an additional 2,800 MW in various phases of development.
This purchase is projected to increase Enlight’s development portfolio in 11 countries to more than 16 GWdc of solar and wind, as well as 7.5 GWh of energy storage. The shift of the US energy industry to renewables is increasing. According to Enlight, combining its worldwide development and execution experience with Clenera’s proven U.S. development capabilities will result in significant revenue growth.