Enlight Renewable Energy Secures Financing for Solar Project
- Enlight Renewable Energy secures financing for cutting-edge battery storage in New Mexico solar project, with Tesla technology and long-term off-take agreement in place.
Enlight Renewable Energy Ltd has secured financing for the 1.2-GWh battery storage component of its 364-MW Atrisco solar project in New Mexico. The total project is estimated to cost USD 827 million, with USD 290 million coming from term debt, USD 420 million from tax equity commitments, and USD 117 million from Enlight's equity investment. The financing for the energy storage portion includes a USD 401 million deal with a group of lenders led by HSBC, which will convert to a term loan and tax equity financing once the project is operational.
The Atrisco project, which includes Tesla's battery energy storage technology, is set to be fully operational later this year. It will be operated under a 20-year off-take agreement with Public Service Company of New Mexico. Enlight plans to recycle USD 234 million of equity back to its balance sheet for future expansion, making Atrisco its largest project to date.
What financing has Enlight Renewable Energy secured for its Atrisco solar project's battery storage?
- Enlight Renewable Energy Ltd has secured a USD 401 million deal with a group of lenders led by HSBC for the battery storage component of its Atrisco solar project.
- The financing will convert to a term loan and tax equity financing once the project is operational.
- The total project cost is estimated at USD 827 million, with USD 290 million coming from term debt, USD 420 million from tax equity commitments, and USD 117 million from Enlight's equity investment.
- The Atrisco project includes Tesla's battery energy storage technology and is set to be fully operational later this year.
- The project will be operated under a 20-year off-take agreement with Public Service Company of New Mexico.
- Enlight plans to recycle USD 234 million of equity back to its balance sheet for future expansion, making Atrisco its largest project to date.
