ENLT · Enlight Renewable Energy Ltd

Enlight Renewable Energy Ltd. announced the financial close for its CO Bar complex located in Arizona, USA. The complex comprises five projects totaling approximately 1.2 GW of solar generation capacity and 4.0 GWh of energy storage capacity. All projects were safe harbored in 2025. Construction of CO Bars 1-3 is fully mobilized, while CO Bars 4 and 5 are expected to mobilize in H2 2026. Commercial operation dates (CODs) are anticipated between H2 2027 and H1 2028. The debt financing commitments of $2,622 million were secured from a consortium of eight banks, with an all-in interest rate of 5.9% on the term loans that will convert upon COD. The term loans have 25-year amortization for solar and 20-year for storage, with a mini-perm structure requiring full repayment five years after each project's COD. The complex has five offtake agreements, including 20-year PPAs and ESAs with SRP and APS. Projected first full year revenues (excluding tax credits) are $250-$260 million, with EBITDA of $200-$210 million. The company expects to sign a tax equity agreement in 2027 and pursue the 10% Energy Community and Domestic Content bonus tax credits. This financing significantly de-risks the construction phase of a large-scale renewable energy complex, positioning Enlight for substantial cash flow generation upon COD.