Enlight Renewable Energy Ltd. has lined up debt financing for a solar and storage project that includes power purchase agreements with California public power utility SMUD.
As part of the debt financing, Enlight, through its subsidiary Clenera Holdings LLC, has secured construction financing commitments with a consortium of four leading global banks including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB), totaling $773 million.
Upon the Project’s COD, the construction loan is expected to convert into a $376 million term loan.
The Project has a 30-year solar generation busbar PPA and 20-year energy storage busbar purchase agreement with SMUD.
The company expects to conclude a tax equity transaction during the construction period, noting that the project has met the terms required to achieve safe harbor status for beginning of construction.
Country Acres consists of 403 MW solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026.
Construction at the 966-acre site has already begun, and all procurement contracts have been signed.
After the completion of Apex in Montana and Atrisco in New Mexico, Country Acres is one of several major solar and energy storage projects that Enlight and Clenera is now constructing in the U.S.
