Enlight Reaches Final Development Milestones for CO Bar, Its Largest Project to Date

Core Insights - The CO Bar Complex is one of the largest renewable energy projects in the U.S., with a total capacity of approximately 1.2 GW of solar generation and 4.0 GWh of energy storage [1][2] - The project is expected to generate around USD 270 million from electricity sales in its first full year of operation [1][3] - Enlight Renewable Energy has secured significant agreements, including a 1 GW Interconnection Agreement and 20-year tolling agreements for additional energy storage capacity [1][4] Project Details - The CO Bar Complex consists of five stages, with CO Bar 1 contributing 258 MW of solar generation and 824 MWh of energy storage, while CO Bar 2 and CO Bar 3 add 480 MW and 473 MW of solar generation, respectively [2] - CO Bar 4 and CO Bar 5 are dedicated to energy storage, providing 1,600 MWh and 1,576 MWh of capacity [2] - The total investment for the Complex is estimated between USD 2,860 million and USD 3,010 million, with a net investment of approximately USD 1,550 million to USD 1,630 million after tax benefits [3] Strategic Importance - The completion of the CO Bar project marks a significant milestone for Enlight in the U.S. market, following the financial closing of another large-scale project, Snowflake [5] - Enlight's strategy focuses on leveraging large interconnections to develop multiple components, which reduces development risks and enhances return on investments [5] - The project is expected to provide enough clean energy to power over 215,000 homes in Arizona [3] Construction Timeline - All five stages of the CO Bar Complex were safe harbored in 2025, with construction at CO Bar 1-2 progressing to the next phase [6] - Full mobilization of construction at CO Bar 3-5 is anticipated within the next 12 months, with initial commercial operations expected to begin from the second half of 2027 to the first half of 2028 [6] Leadership Statements - The CEO of Enlight emphasized that the CO Bar project represents a major advancement for the company's U.S. platform and demonstrates their capability to execute large-scale renewable energy projects [7] - The CEO of Clēnera highlighted the project's significance in building large utility-scale solar facilities that support regenerative land management principles [7]