Enlight Renewable Energy Ltd. has secured debt financing for the Roadrunner project located in Arizona, US. As a part of this debt financing, Enlight through its subsidiary Clenera Holdings LLC, has entered into a $550 million loan agreement with four global banks: BNP Paribas Securities Corp, Crédit Agricole, Natixis CIB, and Norddeutsche Landesbank Girozentrale (Nord/LB). This financing is expected to convert into a $290 million term loan and $320 million in tax equity funding upon the project’s COD.
Roadrunner, also known as Apache Solar II, consists of 290 MW of solar generation and 940 MWh of energy storage capacity. The project is expected to achieve a full COD by the end of 2025. Construction for the project has begun and all procurement contracts have been finalised. Furthermore, the project has a 20-year busbar power purchase agreement with Arizona Electric Power Cooperative (AEPCO), covering its entire output.
The solar and energy storage sector has been expanding in US. In September 2024, Powin collaborated with BHE Renewables to provide energy storage solutions for a large solar and storage microgrid in West Virginia. In May 2024, RWE acquired 599 MW solar and energy storage projects in US.
