Enlight Secures $2.6 Billion Financing for Arizona Solar-Storage Complex — Enlight Renewable Energy Ltd.

Event summary

Enlight's U.S. subsidiary Clēnera Holdings secured $2.6 billion in debt financing for the CO Bar Complex, its largest project to date.
The Arizona-based complex totals 1.2 GW of solar capacity and 4.0 GWh of energy storage, with commercial operation expected between H2 2027 and H1 2028.
First-year projections estimate $255 million in revenue and $205 million in EBITDA from the fully contracted project.
Financing was provided by a consortium of seven global financial institutions, with Nord/LB as documentation agent and MUFG as administrative agent.

The big picture

This $2.6 billion financing represents a significant vote of confidence in large-scale solar-plus-storage projects, particularly as electricity demand grows in key markets like Arizona. The CO Bar Complex exemplifies Enlight's 'Connect and Expand' strategy, leveraging a single large grid connection to develop multiple renewable energy assets. With fully subscribed offtake agreements and phased commercial operation beginning in late 2027, the project positions Enlight as a major player in delivering clean power at scale.

What we're watching

Execution Risk: The pace at which Enlight can mobilize construction for CO Bar 4 and 5, with full mobilization expected in H2 2026.
Regulatory Dynamics: Whether the project can sustain eligibility for both Energy Community and Domestic Content bonus tax credits.
Market Positioning: How this landmark financing will affect Enlight's competitive standing in the U.S. renewable energy sector.