Enlight raises $2.6 billion for CO Bar solar and BESS complex, reaches financial close

The developer behind one of the largest solar and BESS projects in the United States has raised approximately $2.6 billion in debt financing for 1.2 GW of PV and 4 GWh of energy storage, with the first phase scheduled for commercial operation in the second half of 2027.

Enlight subsidiary Clēnera Holdings has secured the debt financing for its CO Bar Complex project, a five-phase development representing a total investment of approximately $3 billion.

According to the developer’s website, the project’s first phase – CO Bar 1 – will combine 258 MWdc of solar power and 824 MWh of energy storage. CO Bar 2 (473 MWdc) and CO Bar 3 (480 MWdc) are solar generation projects, while CO Bar 4 (1.6 GWh) and CO Bar 5 (~1.5 GWh) are energy storage projects. Construction of the first three phases is underway, with activity on the fourth and fifth phases expected in the second half of 2026.

Israeli developer Enlight said the project will be financed through a combination of a $1.7 billion term loan and roughly $1.5 billion in tax equity proceeds – capital provided by outside investors in exchange for the project’s tax benefits. After accounting for the tax equity financing, the remaining investment to be financed is expected to total approximately $1.5 billion.

Enlight expects to sign an agreement with a tax equity partner in 2027. Each project within the complex should be eligible for a 10% Energy Community bonus tax credit, and Enlight also plans to pursue the 10% Domestic Content bonus tax credit for CO Bar 4 and 5.

Revenue certainty has already been secured for the CO Bar Comple, which has five signed offtake agreements including a 20-year solar power purchase agreement and energy storage agreements with Salt River Project and Arizona Public Service. The utilities are providing long term contracted revenues across the project, and Enlight anticipates it will generate at least $250 million in revenue in its first full year of operation-

Adi Leviatan, CEO of Enlight, described CO bar of how the developer can turn pipeline projects into financed, contracted and executable assets. “Securing this financing for our largest project to date is a strong vote of confidence in Enlight and Clēnera, and in the quality of our US portfolio. As electricity demand continues to grow, projects like CO Bar demonstrate the role we can play in delivering reliable, clean power at scale,” Leviatan said.

The $2.6 billion of financing commitments for CO Bar Complex were provided by a consortium of seven financial institutions: BNP Paribas Securities Corp., Crédit Agricole CIB, MUFG Bank, Ltd., Natixis, New York Branch, Norddeutsche Landesbank Girozentrale, New York Branch (Nord/LB), Societe Generale, and Wells Fargo Securities, LLC.