A major step forward has been achieved in the renewable energy sector as Enlight Renewable Energy announces the financial closing of its Quail Ranch project near Albuquerque, New Mexico. With a secured $243 million in construction loans from Clenera Holdings, its US subsidiary, this initiative combines solar power generation with advanced battery storage capabilities. The project is set for completion by the end of 2025 and represents a significant milestone alongside two other ongoing projects in the United States: Roadrunner and Country Acres. Together, these ventures have garnered a total of $1.5 billion in funding.
The Quail Ranch project aims to harness 128MW of solar energy complemented by an impressive 400 megawatt hours (MWh) of battery storage capacity. This ambitious endeavor was made possible through the collaboration of four prominent global banks led by BNP Paribas Securities, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB). As part of the financing structure, upon reaching commercial operation status, the initial construction loan will transition into a long-term $120 million loan agreement.
Beyond financial achievements, Enlight anticipates that Quail Ranch will qualify for substantial tax credits under the Energy Community Tax Credit Bonus program. Plans are underway to finalize a tax equity transaction within the year 2025. CEO Gilad Yavetz expressed pride in accomplishing three critical financial milestones in such a short period, solidifying Enlight's commitment to expanding its presence in the U.S. market. Once fully operational, these projects will collectively contribute approximately $200 million annually to the company's revenue stream.
This development builds on the success of the Atrisco site, which commenced operations in 2024. Shared infrastructure between Quail Ranch and Atrisco not only accelerates progress but also significantly reduces both construction and operational expenses. Positioned at an elevation of 1,800 meters on a desert plateau, the chosen location offers ideal conditions for maximizing solar energy production. Furthermore, the project benefits from a robust 20-year busbar power purchase agreement (PPA) with the Public Service Company of New Mexico, ensuring stable demand for its generated power and stored energy.
In addition to Quail Ranch, Clenera recently entered into a PPA with Arizona Public Service for its Snowflake A solar project in Arizona, underscoring the company’s growing influence across multiple states. These strategic moves position Enlight as a leader in advancing sustainable energy solutions while contributing meaningfully to regional economic growth and environmental sustainability.
As the Quail Ranch project progresses toward its anticipated completion date, it exemplifies how innovative financing strategies and optimal geographic positioning can drive successful renewable energy initiatives. By leveraging cutting-edge technology and fostering partnerships with key stakeholders, Enlight continues to pave the way for a cleaner, more efficient energy future.