Enlight Renewable Energy, a renewable energy project developer, announced that its U.S. subsidiary Clēnera Holdings secured nearly $150 million in tax equity financing for its Quail Ranch project in New Mexico.
Wells Fargo Bank will provide the tax equity financing, including a contribution of $131 million following the commercial operation, which is expected to grow to approximately $150 million when including pay-go contributions over the first 10 years of operation.
The Quail Ranch project, a co-located solar and energy storage facility with 128 MW of solar and 400 MWh of storage capacity, involves a total investment of $275 million. The project is expected to be operational by the end of 2025. It benefits from a 20-year busbar power purchase agreement with Public Service Company of New Mexico, an investment-grade offtaker.
Once operational, Quail Ranch is expected to generate approximately $24 million in annual revenues in its first full year of operation. The tax equity financing is expected to provide production tax credits for the solar component and investment tax credits for the storage component. In addition, Quail Ranch is expected to qualify for the 10% Energy Community Adder under the Inflation Reduction Act.
“The Quail Ranch tax equity deal marks another step forward in scaling our U.S. platform,” said Adi Leviatan, CEO of Enlight. “Welcoming a top-tier institution like Wells Fargo as our partner affirms both the strength of the project and the robustness of our portfolio strategy. We’re proud to continue building long-term, trusted partnerships that expand access to reliable, affordable clean power at scale.”
The company closed two tax equity partnership agreements in October 2025, representing $340 million for its Roadrunner solar and energy storage project, located near Tucson, Arizona. In June, Enlight Renewable Energy secured around $310 million for the hybridization of the Gecama Project, located in Spain.
Large-scale project funding in the first nine months of 2025 increased by 43% compared with the same period in 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&A report.
