- Enlight Renewable Energy (ENLT, Financial) raises $243 million for Quail Ranch construction, part of a $1.5 billion project finance achievement.
- Three U.S. projects under construction to generate $135-140 million in annual revenue.
- Quail Ranch secures a 20-year PPA with Public Service Company of New Mexico.
Enlight Renewable Energy (NASDAQ: ENLT) has achieved a significant milestone by securing $243 million in construction financing for its Quail Ranch project, located near Albuquerque, New Mexico. This development is part of Enlight's strategic advancement, marking the company’s third U.S. financial close in just four months, and contributes to a total of $1.5 billion in project finance.
Quail Ranch is an expansive project combining 128 MW of solar energy generation with 400 MWh of battery storage capacity, aimed at enhancing grid stability. This project is scheduled for completion by the end of 2025 and is supported by a 20-year busbar Power Purchase Agreement (PPA) with the Public Service Company of New Mexico (PNM).
The financing for Quail Ranch was led by a global consortium of banks including BNP Paribas, Crédit Agricole, Natixis, and Nord/LB. Upon completion, the construction loan is expected to transition into a $120 million term loan, aligning with international renewable energy financing practices.
Enlight’s three U.S. projects, including Quail Ranch, collectively offer a combined capacity of 1.4 FGW and are anticipated to generate annual revenues between $135-140 million and an EBITDA of $100-110 million once operational in 2025-2026. This solidifies Enlight's position as a leading entity in the renewable energy sector, showcasing significant execution capability in a challenging capital environment.
The company’s strategic initiatives are further supported by the shared infrastructure with the operational Atrisco project, which serves to expedite development timelines and reduce both construction and operating costs. Additionally, Enlight is pursuing the development of two other megaprojects in high-irradiation regions of the western United States, anticipated to significantly expand Enlight's footprint in renewable energy.
