Enlight disclosed that its U.S. subsidiary, Clēnera Holdings, has secured $1.438 billion in debt financing for the Snowflake A project near Holbrook, Arizona. The project combines 600 MW of solar generation with 1,900 MWh of battery storage, making it the largest asset in the company’s portfolio to reach financial close.
The financing underpins a 20‑year busbar power purchase agreement with Arizona Public Service. Under the PPA, Snowflake A is projected to generate roughly $128 million in revenue and $104 million in EBITDA in its first full year of operation, a performance that aligns with the company’s guidance for 2025 and reflects the strong demand for dispatchable renewable capacity in the Southwest.
The project will become operational in the second half of 2027 and will supply power to about 110,000 Arizona homes. The 1‑gigawatt grid interconnection that the project will use is a key element of Enlight’s “Connect and Expand” strategy, enabling the company to scale quickly in high‑growth U.S. markets while keeping construction and financing costs low.
The debt package was arranged by a consortium of six leading banks—Wells Fargo, BNP Paribas, Natixis, Nord/LB, Crédit Agricole, and MUFG—providing a mix of term and construction loans. After commercial operation, part of the loan will convert to a term loan, with the remaining balance to be repaid using tax‑equity proceeds expected in 2026. This structure is typical for large renewable projects and demonstrates lenders’ confidence in Enlight’s execution and the project’s long‑term cash‑flow profile.
Management highlighted the significance of the milestone, noting that Snowflake A is a flagship project for Enlight in the United States. The company’s CEO said the financing “underscores our deep and long‑term relationships with leading global lenders and supports our strategy to scale in high‑growth U.S. markets.” The deal strengthens Enlight’s balance sheet, improves its debt‑to‑equity ratio, and positions the company to pursue additional large‑scale projects in the region.
Enlight’s recent quarterly results show a steady upward trajectory: Q4 2024 revenue rose 35% to $104 million and adjusted EBITDA grew 31% to $65 million, while Q2 2025 revenue climbed 53% to $135 million and adjusted EBITDA increased 57% to $96 million. The company has raised its full‑year 2025 guidance to $520–$535 million in revenue and $385–$400 million in adjusted EBITDA, reflecting confidence in continued demand for renewable generation and the company’s ability to secure favorable financing terms.
The Snowflake A financing is a critical step in Enlight’s expansion plan, providing the capital needed to bring the project to completion and to generate predictable, long‑term cash flows that will support future growth. The project’s scale, storage integration, and strategic interconnection position it as a cornerstone of the company’s U.S. portfolio and a model for future developments.
The financing also signals to the market that Enlight’s projects are attractive to major banks, reinforcing the company’s reputation for strong project execution and financial discipline. The successful close of the largest U.S. project to date demonstrates Enlight’s ability to secure large, complex financing and to deliver on its “Connect and Expand” strategy.
The project’s expected operational date in 2027 and its ability to serve 110,000 homes underscore the tangible impact of Enlight’s renewable investments on local communities and the broader transition to clean energy. The financing milestone, therefore, is not only a financial achievement but also a strategic enabler for Enlight’s long‑term growth in the U.S. renewable market.
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