Enlight receives $773 million in construction loans for California solar-plus-storage project

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Developer Enlight Renewable Energy received debt financing for a 403 MW, 688 MWh solar-plus-storage project near Sacramento, Calif.

The debt financing package includes $773 million of construction loans through four global banks: BNP Paribas Securities, Crédit Agricole, Natixis Corporate & Investment Banking and Norddeutsche Landesbank Girozentrale. The financing was secured through Enlight’s subsidiary Clēnera Holdings.

Enlight said it expects the project to reach commercial operation during the second half of 2026. Upon its operation, Enlight expects the construction loan to convert into a $376 million term loan.

The County Acres Clean Power project has a 30-year busbar power purchase agreement (PPA) for its solar generation and a 20-year busbar PPA for its energy storage with the Sacramento Municipal Utility District (SMUD).

A busbar PPA is a bit different than a traditional PPA as busbar PPAs shift operational responsibilities at the project’s busbar. With a busbar PPA, the seller delivers power up to the interconnection point (the busbar), which connects a facility’s generated power directly to the grid. Any risks with further transmission or grid fluctuations beyond the busbar then become the buyer’s responsibility.

(See also: Despite wind and solar’s low costs, PPAs remain vital)

According to SMUD, the County Acres Clean Power project will contribute more than $41 million to the local community and create more than 360 jobs during its construction phase.

County Acres Clean Power will sit on 966 acres of privately owned leased land in southwestern Placer County. Enlight said the project will include herd animals, likely sheep, for the project’s vegetation management. The project will also use a vegetative mix to promote a pollinator-friendly habitat, which will include native herbaceous hedgerows, grasses, clover and California poppy.

Once operational, SMUD said it expects the project to contribute about $3.7 million to the local economy and $15 million in economic value to the state each year.

Enlight’s Clēnera has 1.5 GW of projects either in operation or under construction. According to Enlight, its U.S. revenue base is expected to reach between $195 million and $207 million annual after its projects that are under construction reach commercial operation.

Formed in 2008, Enlight develops, finances, constructs, owns and operates utility-scale renewable energy projects, generating revenue from the sale of electricity produced by facilities secured under long-term PPAs. The Israel-based company went public in 2023.

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