Enlight Renewable Energy is to acquire US solar and storage developer Clēnera at an enterprise value of up to US$433m (€364m).
Enlight, through a wholly-owned US subsidiary, will acquire 90% of Clēnera’s shares, while the solar firm’s founders Jason Ellsworth and Adam Pishl will retain a 10% stake.
The acquisition consideration will be divided between upfront payments of $158m, and future performance-based payments.
Clēnera is based in Boise, Idaho and has approximately 80 employees.
The company has successfully developed and constructed 1.6GWdc of utility scale solar.
Clēnera is now actively developing a portfolio of 12GWdc solar and 5.5GWh of energy storage in 20 states.
This transaction is expected to expand Enlight’s development portfolio to over 16GWdc of solar and wind, and 7.5GWh of energy storage in 11 countries.
The US energy industry’s transition to renewables is accelerating.
Enlight believes that the combination of its international development and execution expertise and Clēnera’s successful US development capabilities will result in substantial success in this growing market.
Its chief executive officer Gilad Yavetz said: “Clēnera’s culture, diversified portfolio and market leadership in the western US created a differentiated value proposition for Enlight, and a unique U.S. partnership opportunity.
“The acquisition is a major step in establishing Enlight’s position as a global leader in renewable energy development and operation.
“Clēnera’s outstanding track record and market leadership will allow the unified companies to continue their rapid and profitable growth path.”
Clēnera chief executive and co-founder Jason Ellsworth said: “Scale and efficiency have never been more important to success in US renewable development and operation.
“As part of Enlight’s global renewables platform, Clēnera’s ability to create high-performing solar and storage projects increases substantially.
“Enlight’s portfolio of renewable energy projects and its geographical footprint will grow.
“The combined teams are positioned to meaningfully expedite the global transition to renewables.”