Independent power producer (IPP) Enlight Renewable Energy has announced financing for the 290MWdc/940MWh solar-plus-storage Roadrunner project near Tucson, Arizona.
Also known as Apache Solar II, Roadrunner is Enlight’s second-largest project, the largest being the recently completed 364MWdc/1,200MWh Atrisco project in New Mexico, US.
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Enlight, through its subsidiary Clēnera Holdings, entered into a loan agreement for the Roadrunner financing with a consortium of global banks, including BNP Paribas Securities Corp, Crédit Agricole, Natixis CIB and Norddeutsche Landesbank Girozentrale.
The financing totals US$550 million, which is expected to convert into a US$290 million term loan and US$320 million of tax equity funding on the project’s commercial operation date (COD). The term loan is structured with an amortisation tenor of 20-25 years, to be repaid five years from the project’s COD. US investment bank Paragon Energy Capital served as Clēnera’s financial advisor on the transaction.
Expected to reach COD by the end of 2025, all procurement contracts have been signed and construction has begun on Roadrunner.
Read the full version of this story on Energy.Storage-news.
