Clēnera secures $304m in financing for Idaho solar and energy project

Core Insights - Clēnera, a US subsidiary of Enlight Renewable Energy, has secured $304 million in financing for the Crimson Orchard solar and energy storage project in Elmore County, Idaho [1] - The project will feature 120MW of solar power generation and 400 MWh of battery storage, with commercial operations expected to begin in the first half of 2027 [1][2] Financial Overview - Total project investment is estimated between $326 million and $342 million, with tax equity proceeds projected at $160 million to $170 million [2] - Investment net of tax equity is expected to be between $162 million and $172 million, with forecasted revenue for the first year of operation between $27 million and $28 million and EBITDA of approximately $20 million to $21 million [2] Contracts and Agreements - The project has secured a 20-year busbar solar power purchase agreement and a separate energy storage tolling agreement with Idaho Power, providing long-term revenue certainty [3] - The site spans approximately 528 acres of private land currently used for seasonal grazing and crop production [3] Strategic Partnerships - Enlight's CEO highlighted the successful collaboration with global lenders, emphasizing the strength of their strategy and the impact on the clean energy transition [4] - Once operational, Crimson Orchard is expected to supply energy for over 25,000 homes in Idaho [4] Technological Integration - The combination of solar generation with battery storage aims to enhance grid reliability by storing surplus energy for peak demand or low production periods [5]