Clēnera closes $1.44bn debt for Arizona solar-storage hybrid

• Enlight’s U.S. unit Clēnera secured $1.44 billion of debt to reach financial close on the Snowflake A solar-plus-storage project in Arizona.

Clēnera Holdings, the U.S. arm of Enlight Renewable Energy, has arranged a $1.44 billion debt package to achieve financial close on its Snowflake A solar-plus-storage project in Arizona—one of the year’s largest financings for a hybrid asset. The facility unlocks procurement of long-lead equipment, mobilizes EPC crews, and sets a clear glide path from permits to construction in a state with rising evening demand and data-center growth.

The project pairs utility-scale PV with a multi-hour battery sized to soak up low-priced midday energy and discharge after sunset. Expect a bankable configuration: high-efficiency modules on single-axis trackers, DC/AC ratios designed for annual yield, and plant-level controls that satisfy Western grid-code requirements for reactive power, frequency-watt response, and ride-through. The co-located BESS—containerized lithium-ion blocks behind grid-forming inverters—will provide fast frequency response, voltage support, and black-start capability, orchestrated by a supervisory energy management system that preserves state of charge for high-value intervals.

Debt at this scale typically blends construction loans, a term facility at COD, and letters of credit to support interconnection and O&M obligations. It also dovetails with U.S. tax incentives—whether monetized via tax equity or credit transfer—improving project economics and de-risking schedules by allowing early reservations of transformers, switchgear, and protection gear that often define timelines.

Arizona’s fundamentals are compelling: some of the strongest irradiance in the U.S., expanding load from electrification, and steepening dusk ramps as solar penetration grows. Co-locating storage at the point of interconnection enhances capture rates, reduces curtailment risk on bright days, and diversifies revenues into ancillary markets.

Community and environmental considerations mirror best practice: construction traffic and dust controls, storm-water systems sized for monsoon events, glare assessments near roadways, and wildlife-friendly fencing. Decommissioning plans and recycling pathways for modules and batteries are built in to meet lender and regulatory expectations.

With financing secured, Clēnera can move decisively toward notice-to-proceed and staged energization—converting policy tailwinds and a strong solar resource into dependable evening megawatts for Arizona’s grid.