en.Wedoany.com Reported - Clēnera, the U.S. subsidiary of Enlight Renewable Energy, has secured approximately $2.6 billion in debt financing from a syndicate of seven financial institutions to build the CO Bar complex in Arizona. The total investment for the complex is estimated at $2.9 billion to $3.04 billion, encompassing five projects with a total photovoltaic installed capacity of approximately 1.2 GW and an energy storage capacity of 4 GWh.
Clēnera CEO Jared McKee stated that this is the largest financing in the company's history, which will support the development of a landmark energy asset, providing sufficient electricity for nearly 220,000 households in Arizona. The CO Bar 1-3 projects are under construction, while CO Bar 4 and 5 are expected to be fully launched in the second half of 2026, with commercial operations starting from the second half of 2027 and continuing into the first half of 2028.
The financing structure includes a $1.7 billion term loan, an estimated $1.45 billion to $1.52 billion in tax equity proceeds, and a net investment after tax equity of $1.45 billion to $1.52 billion. In the first full year of operations, Enlight expects the complex to generate $250 million to $260 million in revenue, with EBITDA of $205 million to $210 million.
The lending syndicate includes BNP Paribas Securities, Crédit Agricole CIB, MUFG Bank, Natixis New York Branch, Germany's Norddeutsche Landesbank, New York Branch (Nord/LB), Société Générale, and Wells Fargo Securities. Each institution plays a different role: Nord/LB serves as documentation agent, MUFG as administrative agent, BNP as collateral agent and depositary bank, Natixis as due diligence coordinator, and Crédit Agricole CIB as hedging coordinator.
These projects are supported by five power purchase agreements with Salt River Project and Arizona Public Service, involving long-term contracts for solar and storage, with terms of up to 20 years. Enlight expects to finalize tax equity partnership arrangements by 2027, with the projects eligible for a 10% energy community bonus tax credit, and plans to seek a 10% domestic content bonus tax credit for CO Bar 4 and 5.
In March 2026, Clēnera also secured $304 million in financing for the Crimson Orchard solar and storage facility in Elmore County, Idaho.
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