Enlight Secures $304 Million in Project Financing for the Crimson Orchard Project in Idaho, USA
Rhea-AI Summary
Enlight (TASE/NASDAQ: ENLT) secured $304 million in construction and term debt for the Crimson Orchard solar+storage project in Elmore County, Idaho. Crimson Orchard is 120 MW solar and 400 MWh storage, expected commercial operation in H1 2027.
The project cost is estimated at $326–342 million with tax equity of $160–170 million, first-year revenue of $27–28 million and EBITDA of $20–21 million. The project has 20-year contracts with Idaho Power and safe harbor status in 2025. Lenders include HSBC, ING, KeyBanc and MUFG.
Positive
- Secured $304M construction and term debt
- Project capacity: 120 MW solar + 400 MWh storage
- First-year expected $27–28M revenue and $20–21M EBITDA
- Backed by 20-year solar PPA and storage tolling agreement
- Adds to $3B of project financing secured in past 12 months
Negative
- Total project cost range of $326–342M indicates funding variability
- Estimated tax equity of $160–170M implies reliance on tax-equity markets
- Commercial operation target H1 2027 creates schedule exposure
News Market Reaction – ENLT
In the Mar 16 session, ENLT gained 7.22%, reflecting a notable positive market reaction. Argus tracked a peak move of +3.1% during that session. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Earnings results | Positive | +16.0% | Strong 4Q25 and FY25 results with robust 2026 revenue and EBITDA guidance. |
| Feb 12 | Investor event announcement | Neutral | +0.6% | Announcement of virtual investor event detailing execution and growth engines. |
| Feb 02 | US project milestone | Positive | +6.1% | Final development milestones for CO Bar solar-plus-storage complex in Arizona. |
| Feb 02 | European storage expansion | Positive | +6.1% | Agreement to acquire majority stake in Project Jupiter in Germany with sizable storage. |
| Jan 27 | European storage expansion | Positive | +3.7% | Further details on Project Jupiter investment and projected revenues and EBITDA. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
ENLT has typically reacted positively to growth and project milestones, with prior earnings and large project announcements followed by notable share price gains.
Over recent months, ENLT has reported strong growth, with 4Q25 and full‑year 2025 earnings driving a 16.04% gain after results on Feb 17, 2026. Large-scale project updates, including the CO Bar Complex in Arizona and Project Jupiter in Germany, saw positive reactions between 3.67% and 6.08%. An investor event announcement in February had a modest positive impact. The Crimson Orchard financing fits this pattern of expanding ENLT’s contracted, utility‑scale solar‑plus‑storage portfolio.
Key Terms
ipp financial
tax equity financial
power purchase agreement financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
120 MW solar and 400 MWh energy storage project in Elmore County, Idaho, currently under construction, commercial operation expected during the first half of 2027
Expected to contribute approximately $27-28 million in revenue and $20-21 million in EBITDA in its first full year of operation
This brings Enlight’s total project financing to $3 Billion in the past 12 months
TEL AVIV, Israel, March 16, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a global renewable energy developer and IPP, announced today that its U.S. subsidiary, Clēnera, has secured
Crimson Orchard is a co-located solar and energy storage project totaling 120 MW of solar power generation capacity and 400 MWh of energy storage capacity. The project is currently under construction and is expected to reach commercial operation during the first half of 2027.
Crimson Orchard represents a total investment of
The project is backed by a 20-year busbar solar power purchase agreement and a 20-year energy storage tolling agreement with Idaho Power, providing long-term contracted revenues.
The project was qualified for safe harbor status in 2025, as part of the 13 FGW1 that Enlight has successfully safe-harbored to date.
"This achievement underscores Enlight’s successful track record of project development and robust financing for our U.S. portfolio," said Adi Leviatan, Enlight’s CEO. "We are proud to once again collaborate with a group of high-quality global lenders whose partnership enables us to advance innovative renewable energy projects like Crimson Orchard. Their continued trust and support reflect the strength of our strategy and the impact we strive to make in the clean energy transition."
Sven Wellock, Managing Director at ING: “We are pleased to support Enlight and Clēnera on the financing of the Crimson Orchard project. This transaction reflects the type of high‑caliber renewable infrastructure ING seeks to back, combining a strong sponsor team, long‑term contracted revenues, and a strategically located solar plus storage asset that enhances grid reliability in a rapidly evolving power market. We value our ongoing partnership with Enlight and Clēnera and are proud to contribute to a project that will deliver dependable, affordable clean energy to Idaho for years to come.”
“Crimson Orchard marks our second financing with Clēnera, and we’re thrilled to continue supporting their momentum in the U.S. renewables market,” said Ari Citrin, Managing Director, Utilities, Power & Renewable Energy Group Investment Banking at KeyBanc Capital Markets. “Clēnera has established itself as one of the most capable and fast‑growing IPPs in the sector, and we look forward to expanding our partnership meaningfully as they scale.”
“MUFG is proud to partner with Enlight on this important financing, which advances our shared commitment to expanding the capacity of the grid and meeting the nation’s energy needs,” said Elizabeth Waters, Managing Director, Project Finance, MUFG. “As Administrative Agent, Coordinating Lead Arranger, Documentation Agent, and Joint Bookrunner, MUFG is pleased to leverage our expertise in structuring innovative solutions that create sustainable energy sources and deliver long-term value to communities across the United States.”
1(Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
About Enlight Renewable Energy:
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind, and energy storage. As a global platform, Enlight operates in the United States, Israel and 11 European countries. Enlight is traded on the Tel Aviv Stock Exchange (TASE: ENLT) and on Nasdaq (Nasdaq: ENLT). Learn more at www.enlightenergy.co.il.
Enlight Investor Contacts
Limor Zohar Megen
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
