Enlight Renewable Power has closed financing for the vitality storage portion of its Atrisco Photo voltaic and Power Storage venture, positioned outdoors Albuquerque, N.M.
Financing for the photo voltaic portion of the venture closed final December.
The venture, unfold throughout 1,700 acres, comprises 364 MW of photo voltaic technology capability and 1.2 GWh of battery storage. Costing $827 million to construct, it’s set to be financed by $290 million of time period debt and $420 million of tax fairness, with Enlight’s long-term fairness funding amounting to $117 million.
As a part of the shut, Enlight by means of its subsidiary, Clenera Holdings, entered right into a mortgage settlement with a consortium of eight banks led by HSBC, totaling $401 million to finance venture building. The mortgage will convert right into a $185 million time period mortgage from the identical group of lenders and tax fairness financing of $222 million supplied by U.S. Bancorp Influence Finance upon the venture’s COD.
The time period mortgage is structured with a 20-year underlying amortization profile with a five-year mini perm, and is topic to an all-in rate of interest.
Tax fairness was supplied by Financial institution of America. The venture’s tax fairness financing certified for the Power Group IRA adder attributable to a brownfield addition to the venture.
Venture building was led by RES, and the battery vitality storage system supplied by Tesla. Atrisco has signed a 20-year busbar PPA settlement with Public Service Firm of New Mexico masking each electrical energy manufacturing and vitality storage.
“The Atrisco complicated is Enlight’s flagship venture in america, and in the present day’s monetary shut is one other essential step within the completion of this venture,” says Gilad Yavetz, CEO of Enlight.
“We sit up for the phased COD of Atrisco, anticipated to start throughout this quarter, through which years of effort will lastly come to fruition. Enlight is embarking on an formidable and speedy development plan within the U.S., which is about to develop into a significant marketplace for us within the coming years, complementing the big and rising capability footprint we have now constructed up in MENA and Europe. Atrisco represents one other step of this main enlargement.”
The venture is at present within the commissioning section main as much as partial COD, and is anticipated to achieve full COD later this yr.
