Enlight Renewable Energy, a renewable energy project developer, announced that its U.S. subsidiary Clēnera Holdings has closed two tax equity partnership agreements representing $340 million for its Roadrunner solar and energy storage project located near Tucson in Arizona.
The first agreement, signed with J.P. Morgan Chase Bank, includes a tax equity contribution at the commercial operation date, along with additional pay-go payments over the first 10 years of operation for the project’s 290 MW solar component.
The second agreement, with M&T Bank and First Citizens Bank, provides tax equity financing for the 940 MWh storage portion of the project at the commercial operation date.
Collectively, the two financing agreements total approximately $340 million in tax equity commitments at the commercial operation date, which is expected to increase to nearly $390 million when including pay-go contributions.
The solar component of the project has initiated production of test energy and is expected to reach full operation by the end of this year. The Roadrunner project involves a total investment of $621 million. It is estimated to generate over $50 million in annual revenues in its first full operating year, with EBITDA of around $40 million upon reaching full operational capacity.
Further, the solar portion is expected to benefit from production tax credits, while the storage system is expected to receive investment tax credits. Additionally, the project is likely to qualify for the 10% energy community adder.
Under the 20-year power purchase agreement, electricity produced from the project will be supplied to Arizona Electric Power Cooperative.
In June, the company secured around $310 million for the hybridization of the Gecama project in Spain. Enlight also raised $243 million for its Quail Ranch project in New Mexico in April, along with a debt financing package of $773 million in construction loans for the County Acres project in California.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
