IPP Enlight Renewable Energy has secured a US$1.44 billion debt financing for the Snowflake A solar-plus-storage project in Holbrook, Arizona, US.
Snowflake A combines 600MW of solar PV with 1,900MWh of energy storage capacity and is expected to achieve commercial operation by the second half of 2027.
The US$1.44 billion debt financing was secured through Enlight’s US subsidiary Clēnera Holdings.
Enlight, via Clēnera, has obtained commitments for the financing from a group of six major international banks, including Wells Fargo Bank, BNP Paribas, Natixis Corporate and Investment Banking, Nord/LB, Crédit Agricole Corporate and Investment Bank, and MUFG Bank.
Enjoy 12 months of exclusive analysis
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Annual digital subscription to the PV Tech Power journal
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Following the commercial operation date (COD), part of the loan is expected to convert into a term loan, while the rest is anticipated to be repaid using tax equity proceeds.
Enlight plans to secure a tax equity investment in the Snowflake A project in 2026.
Enlight says Snowflake A is the largest project in its portfolio to reach financial close. It also marks the first phase of the Snowflake complex in Arizona.
The upcoming second and larger phase of Snowflake, now part of Enlight’s ‘Advanced Development Portfolio,’ will utilise the 1GW grid interconnection to enhance operational and development efficiencies.
Once operational, Clēnera expects Snowflake A to generate about US$128 million in revenue and US$104 million in EBITDA during its first full year after COD.
The project has a 20-year busbar solar power purchase and energy storage agreement with utility Arizona Public Service (APS).
Our colleagues at PV Tech reported on APS and Clēnera’s signing of the PPA in November 2024. Enlight also recently secured US$150 million to finance another solar-plus-storage project in New Mexico.
The company signed the financing deal with US bank Wells Fargo for the 128MW/400MWh Quail Ranch project.
This follows a US$243 million construction financing commitment Enlight received for Quail Ranch earlier in the year.
Enlight, through Clēnera, is active in the US Southwest. In October, the company closed two tax equity partnerships totalling nearly US$340 million for its 290MWdc/940MWh solar-plus-storage Roadrunner project, also in Arizona.
All procurement contracts for Roadrunner are signed. Similar to Snowflake A, the project has a 20-year busbar PPA with utility Arizona Electric Power Cooperative (AEPCO). The total investment in Roadrunner is US$621 million.
Enlight reported that the solar generation component has begun producing test energy, and the project aims to reach full commercial operation by the end of 2025.
Once operational, it is projected to generate over US$50 million in annual revenue during its first full year and achieve an EBITDA of about US$40 million.
