Enlight Secures $304 Million in Project Financing for the Crimson Orchard Project in Idaho, USA
120 MW solar and 400 MWh energy storage project in Elmore County, Idaho, currently under construction, commercial operation expected during the first half of 2027
Expected to contribute approximately $27-28 million in revenue and $20-21 million in EBITDA in its first full year of operation
This brings Enlight’s total project financing to $3 Billion in the past 12 months
TEL AVIV, Israel, March 16, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a global renewable energy developer and IPP, announced today that its U.S. subsidiary, Clēnera, has secured $304 million in construction financing and term debt commitments for the Crimson Orchard project in Elmore County, Idaho. The financing commitments were provided by a group of leading global lenders: HSBC, ING Capital LLC, KeyBanc Capital Markets, and MUFG Bank, Ltd.
Crimson Orchard is a co-located solar and energy storage project totaling 120 MW of solar power generation capacity and 400 MWh of energy storage capacity. The project is currently under construction and is expected to reach commercial operation during the first half of 2027.
Crimson Orchard represents a total investment of $326-342 million, with estimated tax equity proceeds of $160-170 million and total project investment net of tax equity of $162-172 million. In its first full year of operation, the project is expected to generate $27-28 million in revenue and approximately $20-21 million in EBITDA.
The project is backed by a 20-year busbar solar power purchase agreement and a 20-year energy storage tolling agreement with Idaho Power, providing long-term contracted revenues.
The project was qualified for safe harbor status in 2025, as part of the 13 FGW1 that Enlight has successfully safe-harbored to date.
"This achievement underscores Enlight’s successful track record of project development and robust financing for our U.S. portfolio," said Adi Leviatan, Enlight’s CEO. "We are proud to once again collaborate with a group of high-quality global lenders whose partnership enables us to advance innovative renewable energy projects like Crimson Orchard. Their continued trust and support reflect the strength of our strategy and the impact we strive to make in the clean energy transition."
Sven Wellock, Managing Director at ING: “We are pleased to support Enlight and Clēnera on the financing of the Crimson Orchard project. This transaction reflects the type of high‑caliber renewable infrastructure ING seeks to back, combining a strong sponsor team, long‑term contracted revenues, and a strategically located solar plus storage asset that enhances grid reliability in a rapidly evolving power market. We value our ongoing partnership with Enlight and Clēnera and are proud to contribute to a project that will deliver dependable, affordable clean energy to Idaho for years to come.”
“Crimson Orchard marks our second financing with Clēnera, and we’re thrilled to continue supporting their momentum in the U.S. renewables market,” said Ari Citrin, Managing Director, Utilities, Power & Renewable Energy Group Investment Banking at KeyBanc Capital Markets. “Clēnera has established itself as one of the most capable and fast‑growing IPPs in the sector, and we look forward to expanding our partnership meaningfully as they scale.”
“MUFG is proud to partner with Enlight on this important financing, which advances our shared commitment to expanding the capacity of the grid and meeting the nation’s energy needs,” said Elizabeth Waters, Managing Director, Project Finance, MUFG. “As Administrative Agent, Coordinating Lead Arranger, Documentation Agent, and Joint Bookrunner, MUFG is pleased to leverage our expertise in structuring innovative solutions that create sustainable energy sources and deliver long-term value to communities across the United States.”
1(Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
About Enlight Renewable Energy:
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind, and energy storage. As a global platform, Enlight operates in the United States, Israel and 11 European countries. Enlight is traded on the Tel Aviv Stock Exchange (TASE: ENLT) and on Nasdaq (Nasdaq: ENLT). Learn more at .
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