Enlight Announces the Financial Close for Project Country Acres

Core Viewpoint - Enlight Renewable Energy Ltd. has secured a $773 million debt financing package for its Country Acres solar and energy storage project in California, which is expected to reach full commercial operation by the second half of 2026 [1][3]. Financing Details - The debt financing includes construction loans from a consortium of four banks: BNP Paribas, Crédit Agricole, Natixis, and Norddeutsche Landesbank, with the construction loan converting into a $376 million term loan upon project completion [1][6]. - The project has a 30-year solar generation Power Purchase Agreement (PPA) and a 20-year energy storage PPA with the Sacramento Municipal Utility District (SMUD) [2]. Project Specifications - Country Acres will consist of 403 MW of solar generation capacity and 688 MWh of energy storage capacity, providing clean electricity for approximately 80,000 California households [3][4]. - Construction has commenced on the 966-acre site, with all procurement contracts signed [3]. Strategic Expansion - Country Acres is part of Enlight's broader strategy to expand its presence in the U.S. renewable energy market, alongside other projects like Quail Ranch and Roadrunner [4]. - The company's U.S. revenue run rate is projected to reach between $195 million and $207 million annually after the completion of current projects [4]. Future Projects - Upcoming projects in the western U.S. include Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh), both of which are nearing the construction phase [5]. - These projects will utilize a grid connection of 1.0 GW, creating additional development opportunities through the "Connect and Expand" strategy [5]. Partnerships and Support - The financing for Country Acres marks the second financial closing with the same group of lenders in three months, highlighting strong partnerships [6]. - Executives from the involved banks expressed their commitment to supporting Enlight and Clenera in their renewable energy initiatives [7].