Enlight funds BESS part of 364-MW solar project in US

Enlight Renewable Energy Ltd (TLV:ENLT) has closed the financing for the 1.2-GWh battery storage component of its 364-MW Atrisco solar project under construction in New Mexico, the Israeli renewables developer said on Monday.

The financial close for the energy storage portion completes the financing and tax equity arrangements for the entire Atrisco project, which is estimated at some USD 827 million (EUR 764m). About USD 290 million of the overall amount will be financed with term debt and USD 420 million will come from tax equity commitments. The remaining 14% of the total cost will be sourced from Enlight’s long-term equity investment worth USD 117 million.

Enlight said its unit Clenera Holdings LLC has signed a deal to receive USD 401 million from a group of eight lenders led by British HSBC. The financing will be directed to the energy storage component of the project. It will convert to a USD-185-million term loan and a USD-222-million tax equity financing by US Bancorp Impact Finance once the capacity is switched on.

The financial closing for Atrisco’s photovoltaic (PV) portion was achieved in December last year.

Located outside Albuquerque, the Atrisco complex will be equipped with Tesla’s battery energy storage technology and is due to become fully operational later this year. The complex will be run under a 20-year busbar off-take deal with Public Service Company of New Mexico tied both to the generated and stored power.

Atrisco is Enlight's largest project undertaken to date. In relation to the scheme’s financing, Enlight will recycle USD 234 million of equity back to its balance sheet, earmarked for its future expansion.

(USD 1.0 = EUR 0.924)

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