Israel’s Enlight Renewable Energy Ltd (TLV:ENLT) said on Tuesday an indirect US unit has signed a USD-350-million (EUR 300.7m) mezzanine financing deal with Bank Leumi to support the construction of solar and storage projects in the United States.
Enlight inks USD-350m mezzanine loan for US solar-storage projects
Author: Tom Brewster Photography. License: Creative Commons, CC BY-SA 2.0
The financing covers projects held by Clenera Holdings, Enlight’s US arm, including the operational Atrisco and Apex solar farms and the under-construction Quail Ranch, Roadrunner and Snowflake A solar-plus-storage projects.
The loan facility, signed on August 18, will provide USD 160 million immediately, with the remaining USD 190 million to be drawn once senior debt for the Snowflake A project reaches financial close. This is expected to take place in the fourth quarter of 2025, the renewables company said in a stock market filing.
The facility has a tenor of 19 years and matures in 2032, carrying interest of SOFR plus 2.7%-3.2%.
Enlight said the mezzanine deal is secured by liens on 100% of the borrower’s equity interests in its subsidiaries and assets, with the parent company providing a limited guarantee of up to 30% of the loan commitments.
Separately, Enlight said its 1,200-MWh Atrisco battery storage project secured an additional USD 53 million in tax equity from a US bank linked to a domestic content adder. Net proceeds of about USD 41 million will add to the company’s pre-tax profit, to be spread over the next five years.
