Enlight, a renewable energy project developer, has secured $243 million in financing for its Quail Ranch project near Albuquerque, New Mexico. The funding was arranged through its U.S. subsidiary, Clenera Holdings.
The project consists of 128 MW solar, along with a 400 MWh battery storage project. It is expected to reach commercial operation by the end of 2025. Offtake for both generation and storage volumes is secured by a 20-year busbar PPA with the Public Service Company of New Mexico.
The project is an expansion of the Atrisco project, which already began commercial operation in 2024. The shared infrastructure between the two sites accelerated Quail Ranch’s development and is expected to reduce construction and operating costs.
The funding was led by a consortium of four global banks, including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB). After the project’s completion, the construction loan is expected to convert into a $120 million term loan.
Gilad Yavetz, CEO of Enlight, said, “We are proud to have achieved the exceptional milestone of three significant financial closings within such a short timeframe, completing the funding for the second wave of Enlight’s U.S. projects. When operational, they will join Atrisco and Apex to generate combined annual revenues of approximately $200 million in the U.S. Quail Ranch completed its financial close after the administration announced its new tariff policy, demonstrating the project’s strength and the Company’s preparedness for this scenario.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier this week, Octopus Australia, a renewable energy project developer and fund manager, reached financial close on the 80 MW Fulham Solar Project and its co-located 128 MWh battery energy storage system, with a total value exceeding AUD 300 million (~$180.5 million).
