Enlight Renewable Energy has raised $403 million in new financing for its U.S. operations, including a $350 million mezzanine loan from Bank Leumi and $53 million in tax equity for its Atrisco solar-plus-storage project, the company said on Tuesday.
The Israel-based renewable energy developer said the transactions complete its financing plan for 2025, supporting the construction and connection of 4.8 gigawatts (GW) of new capacity by 2027. Once operational, Enlight expects its total generation capacity to reach 7.9 GW, with projected annual revenues of $1.4 billion.
The mezzanine loan, which carries an interest rate of SOFR plus 2.7% to 3.2%, is secured by five large-scale U.S. solar-plus-storage projects totaling 2.8 GW. These include the operational Atrisco and Apex projects, along with three under construction: Quail Ranch, Roadrunner, and Snowflake.
According to Enlight, the financing structure offers repayment flexibility and includes a limited parent guarantee covering approximately 30% of the commitments.
Atrisco, a 360 MW solar and 1,200 MW storage facility, also received $53 million in tax equity tied to the domestic content adder. The company said this investment is expected to generate $41 million in pre-tax profit over five years and enhance the project’s equity returns.
“The combined financing initiatives we recently completed in the US, across senior debt, mezzanine, and tax equity, highlight Enlight’s competitive advantage in financing its activities – low cost and broad access to capital by delivering higher returns and lower risk,” Enlight CEO Gilad Yavetz said in a statement.
Bank Leumi, which led the mezzanine financing, emphasized its commitment to the sector. “We are proud to be at the forefront of renewable energy financing in Israel and to support Enlight’s growth,” said Liat Shuv, head of the bank’s corporate division.
Enlight is expanding its presence in the U.S. as part of a broader global strategy to scale renewable energy assets through diversified financing and long-term offtake agreements.
