Enlight Renewable Energy, a developer of renewable energy projects, has secured a debt financing package that includes $773 million in construction loans for the Country Acres project, located near Sacramento, California. The project comprises 403 MW of solar power and 688 MWh of energy storage. The project is expected to reach full commercial operation during the second half of 2026.
The debt financing package includes $773 million in construction financing commitments with BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB).
Once the project reaches the commercial operation date, the construction loan is expected to convert into a $376 million term loan.
Construction of the project has already begun, with commercial operation expected during the second half of 2026.
The project has a 30-year solar generation busbar power purchase agreement and a 20-year energy storage busbar purchase agreement with the Sacramento Municipal Utility District.
“Country Acres is the second financial closing that we have accomplished with the same group of lenders in the past three months, illustrating the extent of our partnership and cooperation,” said Ilan Goren, GM of Enlight USA. “We look forward to further deepening this relationship as Enlight and Clenera continue the build-out of our large US project portfolio.”
Last year, the company announced the closing of $550 million in debt financing for the project Roadrunner, located in the Sulphur Springs Valley region near Tucson, Arizona. The project, also known as Apache Solar II, consists of 200 MW of solar and 940 MWh of energy storage capacity.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, large-scale project funding in 2024 increased 21% year-over-year.
