Enlight Secures $350 Million Mezzanine To Advance US Hybrids Pipeline

• Enlight closes a $350 million mezzanine facility—cash now, more at senior close—to push US solar-plus-storage projects toward construction.

Enlight Renewable Energy has lined up a $350 million mezzanine loan designed to propel its US solar-plus-storage portfolio from late-stage development into build. The structure provides $160 million up front, with another $190 million unlocked once senior project debt for the Snowflake A asset reaches financial close, expected in Q4 2025. The 19-year facility carries SOFR plus 2.7%–3.2%, according to filings.

Why mezzanine now? With interconnection queues long and equipment orders needing early commitments, mid-stack capital lets developers secure transformers, inverters and batteries without waiting for full project finance. It also bridges tax equity timelines—critical as sponsors optimize transferability, domestic-content adders and depreciation. For lenders, long-dated cash flows from contracted hybrids can justify thinner spreads than merchant assets, while still compensating for construction and schedule risk. 

Hybridization is the US market’s center of gravity. Co-locating PV and storage on a single interconnection not only shaves capex per MW but also unlocks capacity value and ancillary-services revenue. Operationally, shared controls and dispatch optimization improve round-trip economics and make renewables behave more like conventional resources during peaks. Expect Enlight to press those advantages across its pipeline, sequencing EPC mobilization as senior facilities finalize.

The takeaway: with policy shifts keeping developers on their toes, flexible finance is becoming a competitive edge. Enlight’s deal signals confidence that well-sited hybrids with durable offtake can still clear the bar—even in a choppy rate environment.