Enlight Renewable Energy has announced the financial close for project Quail Ranch, located near Albuquerque, New Mexico, USA.
The company, through its US subsidiary Clenera Holdings, has secured US$243m in construction financing commitments for the project.
Combining 128MW solar generation with 400MWh of battery storage capacity, Quail Ranch is scheduled for completion towards the end of 2025.
The developer has signed a 20-year PPA with the Public Service Company of New Mexico for both generation and storage volumes.
The project is an expansion of Atrisco, which commenced commercial operation in 2024.
The shared infrastructure between the two sites accelerated Quail Ranch’s development and will reduce construction and operating costs, Enlight said.
Both projects are situated on a desert plateau at an elevation of 1,800 metres, offering optimal solar generation conditions.
The financial close was led by a consortium of four global banks, including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB).
Upon the Project’s COD, the construction loan is expected to convert into a US$120m term loan.
The project is expected to be eligible for the Energy Community Tax Credit Bonus, and the company anticipates finalising a tax equity transaction during 2025.
Gilad Yavetz, chief executive of Enlight, said: “We are proud to have achieved the exceptional milestone of three significant financial closings within such a short timeframe, completing the funding for the second wave of Enlight’s US projects.
“When operational, they will join Atrisco and Apex to generate combined annual revenues of approximately US$200M in the US Quail Ranch completed its financial close after the administration announced its new tariff policy, demonstrating the project’s strength and the company’s preparedness for this scenario.
“Additionally, Enlight is focused on advancing the development of two additional megaprojects in the western US with a combined capacity of 2.6GW, and which are located in areas with some of the highest solar irradiation in the country.
“The new projects are part of the company’s third wave in the US, and construction is expected to begin in the coming months.”