Enlight Renewable Energy, a renewable energy independent power producer and developer, announced that its U.S. subsidiary Clēnera Holdings has entered into a debt financing agreement for its Snowflake A project located near Holbrook, Arizona.
Snowflake A project combines 600 MW of solar with 1,900 MWh of energy storage. The project is expected to achieve commercial operations by the second half of 2027. Once operational, it will produce enough energy to power nearly 110,000 homes in Arizona.
Enlight, through Clēnera, has secured financial commitments from a consortium of six leading global banks, including Wells Fargo Bank N.A., BNP Paribas, Natixis Corporate and Investment Banking, Nord/LB, Crédit Agricole Corporate and Investment Bank, and MUFG Bank, totaling $1.438 billion. Following COD, a portion of the loan is expected to be converted into a term loan, with the remaining loans expected to be repaid using tax equity proceeds. Enlight expects to obtain a tax equity investment in the Snowflake A project during 2026.
Once operational, Snowflake A is expected to contribute approximately $128 million in revenue and $104 million in EBITDA in its first full year of operation after COD.
“We thank the consortium of leading global banks for their trust in Enlight and in the project,” said Adi Leviatan, CEO of Enlight. Snowflake A is a flagship project for Enlight in the United States. It showcases the strength of our U.S. platform and execution at scale, from financing to operations. The financing announced today underscores our deep and long-term relationships with leading global lenders and supports our strategy to scale in high-growth U.S. markets. With Snowflake A and our expanding pipeline, we are paving the way to position Enlight at the top of the global renewable energy industry.”
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In October, Greenvolt Group, a clean energy project developer, through Greenvolt Power, signed a €35 million (~$41 million) project finance agreement with Ringkjøbing Landbobank. The funding will be used to construct and operate a large-scale hybrid project in Høegholm, Denmark, combining solar and battery energy storage systems.
