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Enlight Secures $2.6 Billion Financing for Arizona Renewable Energy Complex

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Enlight Renewable Energy said on Thursday it had secured about $2.6 billion in debt financing for its largest project, advancing the development of one of the biggest renewable energy complexes in the US.

The energy firm said its US subsidiary, Clenera Holdings, reached financial close on a debt financing framework agreement for the CO Bar Complex in Arizona, a portfolio of five projects combining 1.2 gigawatts of solar generation capacity with 4 gigawatt-hours of battery storage.

Jared McKee, CEO of Clenera, said the project would generate enough electricity to power about 220,000 homes across Arizona.

The CO Bar Complex, with a total investment of $2.9 billion-$3.05 billion, is projected to begin commercial operations in phases from H1 2027 through H1 2028.

The financing package includes $1.71 billion in term debt and is supported by estimated tax equity proceeds of $1.45 billion to $1.53 billion, reducing the net investment cost to $1.45 billion to $1.52 billion.

The project cluster is built around a 1-gigawatt alternating current grid interconnection agreement.

Enlight said three of the projects are already under construction. CO Bar 1 combines solar generation with battery storage, while CO Bar 2 and CO Bar 3 are solar projects.

CO Bar 4 and CO Bar 5, which are standalone energy storage facilities, are expected to begin full construction mobilization in H1 2026.

The renewable energy firm said the complex has secured long-term revenues through five offtake agreements, including 20-year power purchase and energy storage contracts with Salt River Project and Arizona Public Service.

Enlight expects the project to generate annual revenue of between $250 million and $260 million and earnings before interest, taxes, depreciation and amortization of between $205 million and $210 million in its first full year of operation.

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