Enlight Renewable Energy has closed financing for the energy storage portion of its Atrisco Solar and Energy Storage project, located outside Albuquerque, N.M.
Financing for the solar portion of the project closed last December.
The project, spread across 1,700 acres, contains 364 MW of solar generation capacity and 1.2 GWh of battery storage. Costing $827 million to build, it is set to be financed by $290 million of term debt and $420 million of tax equity, with Enlight’s long-term equity investment amounting to $117 million.
As part of the close, Enlight through its subsidiary, Clenera Holdings, entered into a loan agreement with a consortium of eight banks led by HSBC, totaling $401 million to finance project construction. The loan will convert into a $185 million term loan from the same group of lenders and tax equity financing of $222 million provided by U.S. Bancorp Impact Finance upon the project’s COD.
The term loan is structured with a 20-year underlying amortization profile with a five-year mini perm, and is subject to an all-in interest rate.
Tax equity was provided by Bank of America. The project’s tax equity financing qualified for the Energy Community IRA adder due to a brownfield addition to the project.
Project construction was led by RES, and the battery energy storage system provided by Tesla. Atrisco has signed a 20-year busbar PPA agreement with Public Service Company of New Mexico covering both electricity production and energy storage.
“The Atrisco complex is Enlight’s flagship project in the United States, and today’s financial close is another important step in the completion of this project,” says Gilad Yavetz, CEO of Enlight.
“We look forward to the phased COD of Atrisco, expected to begin during this quarter, in which years of effort will finally come to fruition. Enlight is embarking on an ambitious and rapid growth plan in the U.S., which is set to become a major market for us in the coming years, complementing the large and growing capacity footprint we have built up in MENA and Europe. Atrisco represents another step of this major expansion.”
The project is currently in the commissioning phase leading up to partial COD, and is expected to reach full COD later this year.
The post Enlight Closes on Atrisco Energy Storage Project appeared first on Solar Industry.
Until this announcement, I think anyone would have said that Gallup, Inc., founded in 1935, had a solid reputation for honesty and integrity.
Yesterday, all that vanished in the blink of an eye.
Imagine you’re one of about 2000 employees located in one of about 35 offices around the world, including New York City, London, Berlin, Sydney, Singapore, and Abu Dhabi. How sickened would you be?
From “The Other 98”
Trump now wants Americans to believe that greenhouse gases don’t endanger human life, a claim that flies in the face of virtually every scientist on Earth. His administration just erased the EPA’s longstanding “endangerment finding,” the scientific and legal cornerstone that said carbon pollution warms the planet and harms human health. Without it, the EPA can no longer regulate greenhouse gases from factories, cars, or power plants, effectively stripping the federal government of its ability to combat climate change.
Trump is nothing if not predictable and consistent in his policies that fly into the teeth of science and cause grievous harm to our health.
Since science recognize vacci nations as safe and effective, why not appoint an anti-vaxxer to head up the Department of Health and Human Services?
Coal is by far the most toxic source of energy, so guess what Trump supports.
Baby boomers remember shows like Bugs Bunny and Rocky and Bullwinkle, and lament that quality television for young no longer exists.
Appreciation for shows like these require a basic level of understanding of music, art, and above all, history.
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