en.Wedoany.com Reported - Clēnera, the US subsidiary of Enlight Renewable Energy, has secured a debt financing framework for the CO Bar complex in Arizona, obtaining approximately $2.6 billion from a syndicate of seven financial institutions.

The CO Bar complex comprises five projects with a combined solar power generation capacity of approximately 1.2 GW and energy storage capacity of 4 GWh. The projects are expected to commence commercial operations from the second half of 2027 (H2 2027) through the first half of 2028 (H1 2028).

Jared McKee, CEO of Clēnera, stated that this is the largest financing in the company's history, supporting the development of a landmark energy asset that will provide enough electricity for nearly 220,000 households in Arizona.

The total investment for the complex is estimated at $2.9 billion to $3.04 billion. Its 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 of $1.45 billion to $1.52 billion after tax equity. In the first full year of operations, Enlight expects the complex to generate $250 million to $260 million in revenue and $205 million to $210 million in EBITDA.

The lending syndicate includes BNP Paribas Securities, Crédit Agricole CIB, MUFG Bank, Natixis, New York Branch, Germany's Norddeutsche Landesbank, New York Branch, Société Générale, and Wells Fargo Securities. Among them, Norddeutsche Landesbank, New York Branch (Nord/LB) serves as documentation agent, MUFG Bank as administrative agent, BNP Paribas Securities as collateral agent and depositary bank, Natixis, New York Branch as due diligence coordinator, and Crédit Agricole CIB as hedging coordinator.

CO Bar 1-3 have commenced construction, while CO Bar 4 and 5 are expected to be fully launched in the second half of 2026 (H2 2026). These projects are supported by five power purchase agreements signed with Salt River Project and Arizona Public Service, involving long-term contracts for solar and energy storage with terms of up to 20 years.

Enlight expects to sign tax equity partnership agreements in 2027, and the projects are anticipated to qualify for a 10% energy community bonus tax credit. The company also plans to pursue a 10% domestic content bonus tax credit for CO Bar 4 and 5. In March 2026, Clēnera secured $304 million in financing for the Crimson Orchard solar and storage facility in Elmore County, Idaho.