Enlight Renewable Energy (NASDAQ: ENLT) said its U.S. subsidiary, Clēnera Holdings, has finalized two tax equity partnerships for the Roadrunner Solar and Energy Storage Project near Tucson, Arizona.
J.P. Morgan Chase Bank (NYSE: JPM) will provide financing for the 290-megawatt solar portion, while M&T Bank (NYSE: MTB) and First Citizens Bank (NASDAQ: FCNCA) are backing the 940-megawatt-hour storage facility.
Combined commitments total $340 million at commercial operation and are expected to increase to nearly $390 million with additional contributions.
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The $621 million project has already begun producing test energy and is scheduled to reach full operation by the end of 2025.
Once online, Roadrunner is projected to generate more than $50 million in annual revenue and about $40 million in EBITDA.
The solar unit qualifies for Production Tax Credits, while the storage system will benefit from Investment Tax Credits. The project is expected to qualify for the 10% Energy Community Adder.
Roadrunner is supported by a 20-year power purchase agreement with Arizona Electric Power Cooperative. The co-located design combines solar generation with battery storage, enhancing reliability and flexibility for the grid. Enlight said these types of projects are central to its U.S. growth strategy.
M&T Bank Managing Director Eric Heintz called Roadrunner "one of the most significant co-located solar and storage developments in the U.S.," citing its role in strengthening grid resilience.
Enlight CEO Gilad Yavetz said the partnerships demonstrate financial institutions' confidence in the company's project pipeline and execution capabilities.
Global Expansion
The announcement comes as Enlight accelerates growth worldwide. Earlier this year, the company won a major tender to develop a green data center in Israel, with an investment plan of up to $1.1 billion. The initiative underscores Enlight's strategy of pairing renewable power generation with infrastructure projects across multiple markets.
Next Steps
Incoming Clēnera CEO Jared McKee said Roadrunner highlights rising demand for clean energy in the U.S. and the company's ability to deliver large-scale solutions. Enlight said it will continue to expand its portfolio, supported by long-term agreements with investment-grade customers.
Price Action: As of last check Monday, ENLT shares were trading higher by 4.10% to $29.70 premarket.
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