Enlight Renewable Energy has received a $243 million construction financing commitment for its Quail Ranch project in New Mexico. The funding was arranged through its U.S. subsidiary, Clenera Holdings LLC.
Located near Albuquerque, the Quail Ranch development integrates a 128 MW solar facility with a 400 MWh battery storage system. Completion is targeted for late next year.
The project’s power output, including both solar generation and storage capacity, is backed by a 20-year busbar power purchase agreement (PPA) with the Public Service Company of New Mexico.
The financing was arranged with support from a consortium of international banks—BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale.
This marks the second major U.S.-based project financing for Enlight through Clenera. In a previous transaction, the company secured a $550 million loan package for its Roadrunner project in Arizona. That arrangement is expected to convert into a $290 million term loan and $320 million in tax equity funding upon the project’s commercial operation.
Enlight continues to expand its renewable portfolio in the United States through long-term infrastructure investment partnerships.
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By Proptechbuzz
By Ravi Kumar
