Enlight Renewable Energy has finalised a $1.44 billion debt financing arrangement for its Snowflake A project located near Holbrook, Arizona. The project, undertaken through its U.S. subsidiary Clēnera Holdings, comprises 600 MW of solar generation with 1,900 MWh of energy storage capacity. It is scheduled to commence commercial operations in the second half of 2027. The project has a 20-year busbar power purchase and energy storage agreement with Arizona Public Service.
The financing is backed by a consortium of six international lenders: Wells Fargo Bank N.A., BNP Paribas, Natixis Corporate and Investment Banking, Nord/LB, Crédit Agricole Corporate and Investment Bank, and MUFG Bank. Once the project reaches commercial operation, part of the loan will convert into a term facility, while the remaining amount will be repaid through tax equity proceeds. Enlight anticipates securing a tax equity investment for Snowflake A in 2026.
The project is projected to generate around $128 million in revenue and $104 million in EBITDA in its first full year of operation. Once operational, it will have the capacity to supply power to approximately 110,000 households in Arizona. Furthermore, it forms part of the wider Snowflake complex in the state, with future expansion planned under Enlight’s advanced development portfolio. The upcoming phase will utilise a 1,000 MW grid interconnection to optimise operational efficiency.
