Enlight closes $243m financing for Quail Ranch project in US

Enlight Renewable Energy has announced financial close for the Quail Ranch project near Albuquerque, New Mexico, with $243m in construction loans secured through its US subsidiary, Clenera Holdings.

The Quail Ranch project combines 128MW of solar generation with 400 megawatt hours (MWh) of battery storage and will completed by the end of 2025.

A consortium of four global banks led the financial close: BNP Paribas Securities, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB).

Quail Ranch's financial closure aligns with two additional projects currently under construction in the US: Roadrunner and Country Acres. They have jointly secured a total of $1.5bn in financing from the same consortium of lenders.

On the project's commercial operation date, the construction loan will convert into a $120m term loan.

Enlight anticipates that the Quail Ranch project will qualify for the Energy Community Tax Credit Bonus and plans to finalise a tax equity transaction during 2025.

Enlight CEO Gilad Yavetz stated: “We are proud to have achieved the exceptional milestone of three significant financial closings within such a short timeframe, completing the funding for the second wave of Enlight’s US projects.

“When operational, they will join Atrisco and Apex to generate combined annual revenues of approximately $200m in the US. Quail Ranch completed its financial close after the administration announced its new tariff policy, demonstrating the project's strength and the company's preparedness for this scenario.”

The Quail Ranch project expands the Atrisco site, which began operations in 2024.

The shared infrastructure between Quail Ranch and Atrisco has accelerated development and is set to reduce construction and operating costs.

Situated on a desert plateau at an elevation of 1,800m, the sites offer optimal solar generation conditions.

The Quail Ranch project features a 20-year busbar power purchase agreement (PPA) with the Public Service Company of New Mexico for its generation and storage volumes.

In 2024, Clenera signed a PPA with Arizona Public Service for its Snowflake A solar project in the US state of Arizona.

"Enlight closes $243m financing for Quail Ranch project in US" was originally created and published by Power Technology, a GlobalData owned brand.

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