Enlight Renewable Energy (TASE: ENLY), one of Israel’s largest renewable energy companies, has announced the completion of a $2.6 billion financing agreement for the construction of a solar energy and storage project in Arizona, with a 1.2 gigawatt output and a 4 gigawatt storage capacity. The site is expected to yield $255 million revenue in its first full year of operation. This is Enlight’s largest project so far, and one of the largest in the US.
Enlight’s US subsidiary Clenera raised the finance from "a consortium of some of the world’s leading financial institutions" for the CO Bar site in Arizona, one of the largest renewable energy initiatives in the US, consisting of five different projects spread over a large area.
The total investment in the project could reach over $3 billion. The finance will come in the form of a loan bearing interest of 5.7-6.1% from seven large international financial institutions, four from France, and the others from Germany, Japan, and the US. Some of them have partnered Enlight in previous projects such as Road Runner.
Rush to beat cancellation of tax breaks
Solar projects in the US are currently in a race against the clock to complete construction and connection to the grid because of the abolition by President Trump of the tax benefits awarded by the administration pf his predecessor President Biden. The last date for receiving the tax benefits is July 4, 2026, that is, the end of next week. The abolition of the benefits has driven dramatic momentum in solar energy in the US, which other Israeli companies active in the US are also exploiting to construct as rapidly as possible. Enlight says that this specific financial closing is not necessarily connected to the deadline.
The CO Bar project is at a very advanced stage. Agreements for purchasing power from it already exist, and agreements for connecting it to the power grid have been signed. Enlight CEO Adi Leviatan said, "Completion of the finance for the CO Bar site, Enlight’s largest project to date, is further expression of the strength of the company’s activity in the US and its ability to conduct large projects from development through to construction. The finance deal reflects the confidence of leading global financial institutions in Enlight and in Clenera, in the quality of our portfolio and our ability to execute."
Published by Globes, Israel business news - en.globes.co.il - on June 25, 2026.
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