Enlight Secures Nearly $340 Million in Tax Equity Partnerships for Roadrunner Solar and Energy Storage Project

Core Insights - Enlight Renewable Energy's U.S. subsidiary Clēnera Holdings has secured two tax equity partnerships for the Roadrunner Solar and Energy Storage Project in Arizona, enhancing its growth strategy in the U.S. renewable energy market [1][2][6] Financial Commitments - The partnership with J.P. Morgan involves a tax equity contribution for the 290 MW solar component, while M&T Bank and First Citizens Bank provide financing for the 940 MWh storage component, totaling approximately $340 million in commitments at COD, expected to rise to nearly $390 million with additional pay-go contributions [2][3] Project Overview - The Roadrunner project represents a total investment of $621 million, with the solar component having begun test energy production and full commercial operation anticipated by the end of 2025. It is projected to generate over $50 million in annual revenues and approximately $40 million in EBITDA in its first full operating year [3][4] Tax Incentives - The solar component is expected to benefit from Production Tax Credits (PTC), while the storage component will receive Investment Tax Credits (ITC). The project is also expected to qualify for a 10% Energy Community Adder, enhancing the financial viability of the partnerships [4][6] Revenue Stability - All of Enlight's U.S. projects are supported by BUSBAR power purchase agreements (PPAs) with investment-grade offtakers, including a 20-year PPA with the Arizona Electric Power Cooperative for the Roadrunner project, ensuring stable long-term revenues [5][6] Strategic Positioning - Co-located solar and energy storage projects are central to Enlight's strategy, providing reliable clean electricity and flexibility to the grid. The Roadrunner project is positioned as a flagship utility-scale project, contributing to Enlight's leadership in large-scale clean energy deployment in the U.S. [6][7]