What Happened

Enlight Renewable Energy reached financial close on $2.6B debt financing for its 1.2 GW CO Bar solar-storage complex in Arizona. The $2.9-3B project is fully contracted through agreements with Salt River Project and Arizona Public Service.

Who Is Affected

Enlight subsidiary Clēnera Holdings leads development, with financing from BNP Paribas, Wells Fargo, and five other banks. SRP and APS have 20-year PPAs for the output. Construction is already mobilized for three of the five sub-projects.

Market Impact

• Validates Arizona as a key market for utility-scale solar+storage
• Demonstrates bank appetite for billion-dollar renewable deals
• Sets execution benchmark for other 1GW+ projects

What to Watch

Tax equity partner selection in 2027 and potential Domestic Content bonus credits for storage components. Phase 1 operations begin H2 2027.