Enlight Renewable Energy’s U.S. subsidiary, Clēnera Holdings, has entered into a tax‑equity partnership with Wells Fargo Bank N.A. that will provide $131 million in tax‑equity financing upon commercial operation of the Quail Ranch solar and battery storage facility in New Mexico. The partnership is expected to grow to nearly $150 million when pay‑go contributions over the first ten years are included.
Quail Ranch is a 128 MW solar plant paired with a 400 MWh battery storage system, with a total capital investment of $275 million. The project is slated to reach commercial operation toward the end of 2025 and is backed by a 20‑year power purchase agreement with Public Service Company of New Mexico (PNM). Once operational, the project is projected to generate approximately $24 million in annual revenue and $17 million in EBITDA.
The tax‑equity financing is part of Enlight’s broader strategy to secure capital for its U.S. portfolio, which now totals nearly $1 billion in tax‑equity arrangements. The deal positions Quail Ranch to capture production tax credits for the solar component and investment tax credits for the storage component, while qualifying for a 10 % Energy Community Adder under the Inflation Reduction Act. The partnership underscores Enlight’s continued expansion in the U.S. market and its ability to secure favorable financing for large‑scale renewable projects.
Prior to this tax‑equity deal, Quail Ranch secured $243 million in construction loans in April 2025, led by a consortium of global banks. Those loans were expected to convert into a term loan upon project completion, while the current Wells Fargo partnership focuses specifically on the tax benefits associated with the project.
Enlight’s recent financial performance reflects strong growth: Q1 2024 revenue reached $90 million, up 27 % year‑over‑year, with Adjusted EBITDA of $68 million, up 28 % year‑over‑year. The company has raised its full‑year 2024 guidance for both revenue and EBITDA, reporting $399 million in revenue and $289 million in Adjusted EBITDA for the year.
The partnership with Wells Fargo highlights the bank’s active role in renewable energy financing, having invested over $18.4 billion in renewable projects and exceeding $10 billion in tax‑equity investments by early 2021. Wells Fargo’s involvement signals confidence in the project’s financial structure and the broader U.S. renewable energy market.
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