Enlight Renewable Energy, a renewable energy independent power producer and developer, announced that its U.S. subsidiary, Clēnera, has secured $304 million in construction financing and term debt commitments for the Crimson Orchard project in Elmore County, Idaho. This deal is stated to bring Enlight’s total project financing to $3 billion over the past 12 months.
The financing commitments were provided by a group of leading global lenders: HSBC, ING Capital, KeyBanc Capital Markets, and MUFG Bank.
The project, which is currently under development, integrates solar power generation with energy storage, featuring a total solar capacity of 120 MW and an energy storage capacity of 400 MWh. The project represents a total investment of $326-342 million, with estimated tax equity proceeds of $160-170 million and total project investment net of tax equity of $162-172 million.
“Crimson Orchard marks our second financing with Clēnera, and we’re thrilled to continue supporting their momentum in the U.S. renewables market,” said Ari Citrin, Managing Director, Utilities, Power & Renewable Energy Group Investment Banking at KeyBanc Capital Markets. “Clēnera has established itself as one of the most capable and fast‑growing IPPs in the sector, and we look forward to expanding our partnership meaningfully as they scale.”
The Crimson Orchard is backed by a 20-year busbar solar power purchase agreement and a 20-year energy storage tolling agreement with Idaho Power, providing long-term contracted revenues.
According to the company, the project is expected to reach commercial operation in the first half of 2027.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
Recently, Primergy, a renewable energy project developer and portfolio company of Quinbrook, secured a refinancing through a $600 million private placement of senior secured notes, together with a $160 million letter of credit facility for its Gemini Solar + Storage project.
