Enlight Renewable Energy Ltd has finalized financing for the 1.2-gigawatt-hour (GWh) battery storage component of its 364-megawatt (MW) Atrisco solar project in New Mexico.
The total financing for the Atrisco project, estimated at approximately USD 827 million (EUR 764 million), includes USD 290 million in term debt and USD 420 million from tax equity commitments. The remaining 14% of the project's cost, amounting to USD 117 million, will be covered by Enlight's long-term equity investment.
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Enlight's subsidiary, Clenera Holdings LLC, has secured USD 401 million in financing from a consortium of eight lenders led by HSBC. This financing will support the energy storage component, which will be converted into a USD 185 million term loan and USD 222 million tax equity financing by US Bancorp Impact Finance once the capacity becomes operational.
The financial closure for the solar photovoltaic (PV) segment of the Atrisco project was completed in December last year.
Located near Albuquerque, the Atrisco complex will feature Tesla's battery energy storage technology and is expected to be fully operational later this year. The project will operate under a 20-year busbar off-take agreement with Public Service Company of New Mexico, covering both generated and stored power.
As Enlight's largest project to date, Atrisco will enable the company to recycle USD 234 million of equity back into its balance sheet, supporting future expansion efforts.
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