Overview
- Enlight’s US unit Clēnera announced June 25 that it has signed a debt financing framework backed by seven global banks with roughly $2.6 billion in commitments to support the CO Bar Complex.
- The complex comprises five projects totaling about 1.2 gigawatts of solar PV and 4 gigawatt‑hours of battery storage with individual stages including two storage‑only sites offering 1,600MWh and 1,576MWh respectively.
- Construction of CO Bar 1–3 is under way, CO Bar 1–2 have met conditions to draw debt, and full mobilisation for the storage stages CO Bar 4–5 is planned for the second half of 2026.
- Total project cost is forecast at $2.9 billion to $3.05 billion with a capital plan that includes about $1.7 billion of term debt and an expected $1.45–1.52 billion of tax equity to be finalised in 2027, and lenders include BNP Paribas, Crédit Agricole CIB, MUFG, Natixis, Nord/LB, Societe Générale and Wells Fargo.
- Long‑term measures that lower project risk include two 20‑year busbar energy service agreements with Salt River Project, a single 1GW AC interconnection using a ‘Connect and Expand’ model, and first‑year revenue and EBITDA projections of roughly $250–260 million and $205–210 million that underpin planned operations in H2 2027 through H1 2028.