Israel-headquartered independent power producer (IPP) Enlight has secured US$150 million in financing to support a solar-plus-storage project in the US.
Enlight signed the financing deal with US bank Wells Fargo for the Quail Ranch project in New Mexico, a 128MW/400MWh solar-plus-storage project currently under construction and owned by Enlight’s US subsidiary Clēnera Holdings.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Under the deal, Wells Fargo will provide tax equity financing, including a US$131 million contribution following the beginning of operations. Clēnera said the Quail Ranch project represents a total investment of US$275 million and is expected online “towards the end of 2025”.
The company said it expects the tax equity financing to provide production tax credits (PTC) for the solar and investment tax credits (ITC) for the storage portions of the project. These were introduced in the Inflation Reduction Act (IRA) of 2022 and have been set to phase out under changes by the Trump administration. Solar and wind projects need to meet “start of construction” criteria by mid-2026 in order to receive the credits.
The project is contracted under a 20-year power purchase agreement (PPA) with the Public Service Company of New Mexico (PNM).
“The Quail Ranch tax equity deal marks another step forward in scaling our US platform,” said Adi Leviatan, CEO of Enlight. “Welcoming a top-tier institution like Wells Fargo as our partner affirms both the strength of the project and the robustness of our portfolio strategy.”
Clēnera has built out a significant solar-plus-storage portfolio in New Mexico. Close to the Quail Ranch project, it owns and operates the 364MW/1,200MWh Atrisco solar-plus-storage site, which began producing in 2024. It also developed the 250MW/300MWh Arroyo project, which was acquired by DE Shaw Renewable Investments, which itself has expanded a New Mexico renewables presence.
Clēnera currently has 1.9GW of renewable energy projects operational or under construction in the US. Back in April, it secured financing for the 403MW/ 688MWh County Acres solar-plus-storage project in California
