Enlight Renewable Energy’s US subsidiary, Clēnera, has agreed to a debt financing framework for the CO Bar Complex in Arizona, securing approximately $2.6bn from a consortium of seven financial institutions.
The CO Bar Complex comprises five projects with a combined solar power generation capacity of around 1.2GW and energy storage capacity of 4GW-hours (GWh).
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Commercial operation is expected to begin in the second half of 2027 (H2 2027) and continue through H1 2028.
Clēnera CEO Jared McKee said: “As the largest financing in our history, it supports the development of a landmark energy asset that will generate enough power for nearly 220,000 homes across Arizona.”
The total investment for the complex is forecast at $2.9bn–3.04bn. The structure includes term debt of $1.7bn, estimated tax equity proceeds ranging from $1.45bn to $1.52bn, and a net investment after tax equity of $1.45bn–1.52bn.
In the project’s first full year of operation, Enlight anticipates the complex will generate revenues of between $250m and $260m, and earnings before interest, taxes, depreciation and amortisation of $205m–210m.
The group of lenders comprises BNP Paribas Securities, Crédit Agricole CIB, MUFG Bank, Natixis (New York Branch), Norddeutsche Landesbank, New York Branch (Nord/LB), Société Générale and Wells Fargo Securities.
Nord/LB acted as the documentation agent, MUFG as administrative agent, BNP as collateral agent and depositary, Natixis as due diligence coordinator and Crédit Agricole CIB as hedge coordinator.
Construction is under way for CO Bar 1–3, with full mobilisation for CO Bar 4 and 5 expected in H2 2026.
The projects are supported by five offtake agreements with the Salt River Project and Arizona Public Service, involving long-term contracts of up to 20 years for solar power and energy storage.
Enlight expects to enter a tax equity partnership in 2027, and the projects are projected to be eligible for the 10% Energy Community bonus tax credit. The company also plans to secure the 10% Domestic Content bonus tax credit for CO Bar 4 and 5.
In March 2026, Clēnera secured $304m in financing for the Crimson Orchard solar and energy storage facility in Elmore County, Idaho.
