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On June 25, IPP Enlight Renewable Energy announced that its US subsidiary Clenera Holdings has entered into a debt financing framework agreement for the CO Bar Complex in Arizona.
The CO Bar Complex consists of five projects with a combined capacity of approximately 1.2 GW of solar PV generation and 4 GWh of battery energy storage system capacity. The complex operates under a 1 GW AC interconnection agreement and represents Enlight’s Connect and Expand strategy, which uses a single large grid connection to develop multiple solar and energy storage projects as an integrated cluster.
Commercial operation is scheduled to begin in phases between the second half of 2027 and the first half of 2028.
CO Bar 1 features 258 MW of solar PV generation and an 824 MWh BESS. CO Bar 2 and CO Bar 3 contribute an additional 480 MW and 473 MW of solar PV, respectively, while CO Bar 4 and CO Bar 5 are solely energy storage projects, offering 1,600 MWh and 1,576 MWh of storage, respectively.
Earlier this year, Enlight completed several milestones in advancing the project toward operation and entered into two 20-year busbar energy service agreements with utility Salt River Project for the energy storage stages, CO Bar 4 and 5.
Total investment for the complex ranges from US$2.9 billion to US$3.05 billion. The financing structure includes US$1.70 billion in term debt, with estimated tax equity proceeds of US$1.45 billion to US$1.52 billion. Net investment after tax equity is projected at US$1.45 billion to US$1.52 billion.
First-year financial projections estimate revenues between US$250 million and US$260 million, with EBITDA of US$205 million to US$210 million.
Seven global financial institutions provided financing commitments totaling approximately US$2.6 billion, including BNP Paribas Securities Corp., Credit Agricole CIB, MUFG Bank Ltd., Natixis New York Branch, Norddeutsche Landesbank Girozentrale New York Branch (Nord/LB), Societe Generale, and Wells Fargo Securities.
According to Enlight, CO Bar 1-2 have satisfied the conditions precedent for debt draw, while CO Bar 3-5 are expected to meet their requirements in the coming months.
Construction of CO Bar 1-3 is fully underway, with CO Bar 4-5 expected to reach full mobilisation in the second half of this year.
Enlight also expects to finalise an agreement with a tax equity partner during 2027. Each project is expected to qualify for the 10% Energy Community bonus tax credit, and the company intends to pursue the 10% Domestic Content bonus tax credit for CO Bar 4 and 5.
Enlight obtained US$1.44 billion in debt financing for its Snowflake A solar-plus-storage project in November 2025. The project features 600 MW of solar PV paired with 1,900 MWh of energy storage and is scheduled to begin commercial operation in the second half of 2027.
Prior to this, the company completed two tax equity partnerships worth nearly US$340 million for its 290 MW Roadrunner project. The Roadrunner facility is also situated in Arizona and operates under a 20-year busbar power purchase agreement with Arizona Electric Power Cooperative.
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