Enlight Renewable Energy Ltd. (NASDAQ: ENLT) announced that its U.S. subsidiary, Clēnera, has secured $304 million in construction financing and term debt commitments for the Crimson Orchard solar‑plus‑storage project in Elmore County, Idaho. The financing, provided by HSBC, ING Capital, KeyBanc Capital Markets and MUFG Bank, covers a 120 MW solar array and a 400 MWh battery storage facility that is slated for commercial operation in the first half of 2027.
The deal includes tax‑equity proceeds of $160‑170 million, leaving a net project investment of $162‑172 million after tax equity. The project’s total value is estimated at $326‑342 million, and it is backed by 20‑year agreements with Idaho Power that provide stable, contracted revenue streams. The project also secured safe‑harbor status in 2025, enhancing its tax‑credit economics.
Enlight’s Q4 2025 results showed revenue of $152 million and adjusted EBITDA of $99 million, up 46% and 51% YoY, respectively, driven by new projects coming online and increased income from tax benefits. Full‑year 2025 revenue reached $582 million and adjusted EBITDA $438 million, underscoring the company’s execution momentum and supporting confidence in its growth trajectory.
Despite the strong growth, Enlight carries a high debt‑to‑equity ratio of 3.03 and an Altman Z‑Score of 1.05, indicating significant leverage. The $304 million financing adds to a total of $3 billion in project financing secured in the past 12 months, reflecting the company’s aggressive expansion strategy.
Enlight targets an annual run‑rate revenue of $2.1‑$2.3 billion by 2028, a goal that projects like Crimson Orchard help to achieve by delivering predictable cash flows. The company’s focus on integrated solar‑plus‑storage assets positions it to benefit from rising power demand, especially from data centers and electrification trends, while maintaining high project‑level returns.
Adi Leviatan, CEO of Enlight, said, 'This achievement underscores Enlight's successful track record of project development and robust financing for our U.S. portfolio.'
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