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Enlight Renewable Energy Ltd. (“Enlight” or the “Company”) announces that the Company has closed on the financing of its Atrisco Solar project in New Mexico, USA (the “Atrisco Solar Financing”) and its combined Solar and Storage Cluster in Israel (the “Solar + Storage Financing” and, together with the Atrisco Solar Financing, the “Financings”). In total, the Company has secured a total of $511 million in project finance. In connection with the Financings, the Company expects to recycle $325 million of excess equity invested in the two projects. An additional $15-20 million of equity is expected to be recovered when Atrisco Solar reaches its commercial operation date (“COD”).

Atrisco Solar

As part of the Atrisco Solar Financing, Clenera Holdings, LLC (“Clenera”), via a wholly owned subsidiary, has entered into a definitive construction facility agreement with a consortium of lenders led by HSBC Securities (USA) Inc. The facility totaling $300 million will be used to finance the construction of Atrisco Solar, whose total cost is expected to be $395 million. The financing also includes a $107 million term loan and tax equity financing of $198 million provided by Bank of America, N.A. This will refinance the construction facility as of the project’s COD. The term loan is structured as a 5-year mini perm with a 23-year underlying amortization profile, and is subject to an all-in cost of 5.4% to 5.9%.

In connection with the Atrisco Solar Financing, Enlight expects to recycle $204 million of excess equity back to its balance sheet following financial close, which occurred on December 13, 2023. An additional $15-20 million is expected to be recycled when Atrisco Solar reaches COD.

Located outside of Albuquerque, New Mexico, the Atrisco Solar project has a generation capacity of 364 MW. The Company expects the Atrisco Solar project to reach COD during the third quarter of 2024. During the first full year of operation, the Company expects Atrisco Solar to generate $19-21 million in revenues and $13-15 million in EBITDA.1

Solar + Storage Cluster2

As part of the Solar + Storage Financing, Enlight Financing LP, a wholly owned limited partnership has entered into a definitive construction facility agreement with Bank Hapoalim. The facility totaling $211 million will be used to finance the construction of the Solar + Storage Cluster, whose total cost is expected to be $290 million. The Solar + Storage Financing has a 20-year amortization period and a 6-year mini-perm term, with an interest rate of 2.4% to 2.9% above Israeli nominal government bond yields. In connection with the Solar + Storage Financing, the Company expects to recycle $121 million of excess equity following financial close, which occurred on November 29, 2023.

The Solar + Storage Cluster is made up of 11 combined solar and battery storage projects across Israel. To date, three projects within the Cluster have reached COD and eight are in various stages of construction. In total, the Solar + Storage Cluster encompasses 217 MW of generation capacity and 512 MWh of storage. The Company estimates that the projects will reach COD in stages through 2024. During the first full year of operation, the Company expects the Solar + Storage Cluster to generate $30-32 million in revenues and $21-23 million in EBITDA in aggregate.

1 For avoidance of doubt, these estimates do not include the storage portion of the Atrisco project.
2 Amounts in U.S. dollars are calculated based on a U.S. dollar to Israeli new shekel conversion rate of 1 to 3.842