Enlight Secures Nearly $150 Million in Tax Equity Financing for Quail Ranch
Enlight (NASDAQ: ENLT) announced that U.S. subsidiary Clēnera closed a tax equity agreement with Wells Fargo for the Quail Ranch project in New Mexico on Nov 3, 2025. Wells Fargo will provide tax equity financing of $131 million following commercial operation, rising to nearly $150 million including pay-go contributions over the first 10 years.
Quail Ranch is a co-located 128 MW solar and 400 MWh storage project with a $275 million total investment, expected COD toward the end of 2025. First full-year revenues are estimated at $24 million with EBITDA around $17 million. The project has a 20-year PPA with Public Service Company of New Mexico and qualifies for PTC/ITC plus a 10% Energy Community Adder. This is Enlight’s fifth U.S. tax equity deal, bringing its U.S. tax equity portfolio to nearly $1 billion.
Enlight (NASDAQ: ENLT) ha annunciato che la controllata statunitense Clēnera ha chiuso un accordo di equity fiscale con Wells Fargo per il progetto Quail Ranch in Nuovo Messico il 3 novembre 2025. Wells Fargo fornirà un finanziamento di equity fiscale di $131 milioni dopo l’entrata in esercizio commerciale, che salirà a quasi $150 milioni includendo i contributi pay-go durante i primi 10 anni.
Quail Ranch è un progetto co-localizzato di 128 MW di energia solare e 400 MWh di stoccaggio con un investimento totale di $275 milioni, con COD previsto verso la fine del 2025. I ricavi per il primo anno completo sono stimati in $24 milioni e l’EBITDA intorno a $17 milioni. Il progetto ha un PPA di 20 anni con Public Service Company of New Mexico ed è idoneo per PTC/ITC più un add-on Energy Community del 10%. Questo è il quinto accordo di tax equity di Enlight negli Stati Uniti, portando il suo portafoglio di tax equity statunitense a quasi $1 miliardo.
Enlight (NASDAQ: ENLT) anunció que la subsidiaria estadounidense Clēnera cerró un acuerdo de equity fiscal con Wells Fargo para el proyecto Quail Ranch en Nuevo México el 3 de noviembre de 2025. Wells Fargo proporcionará financiamiento de equity fiscal de $131 millones tras la puesta en operación comercial, aumentando a casi $150 millones incluyendo contribuciones pay-go durante los primeros 10 años.
Quail Ranch es un proyecto co-ubicado de 128 MW de energía solar y 400 MWh de almacenamiento con una inversión total de $275 millones, con COD previsto hacia finales de 2025. Los ingresos del primer año completo se estiman en $24 millones y el EBITDA alrededor de $17 millones. El proyecto tiene un PPA de 20 años con Public Service Company of New Mexico y es elegible para PTC/ITC más un add-on de Energy Community del 10%. Este es el quinto acuerdo de tax equity de Enlight en EE. UU., llevando su cartera de tax equity en EE. UU. a casi $1 mil millones.
Enlight (NASDAQ: ENLT) 는 미국 자회사 Clēnera 가 Wells Fargo 와 뉴멕시코주 Quail Ranch 프로젝트에 대한 세제상 자본조달(Tax Equity) 계약을 2025년 11월 3일에 체결했다고 발표했습니다. Wells Fargo 는 상업 가동 후 $131백만의 세제상 자본 조달을 제공하며, 첫 10년 동안 Pay-Go 기여를 포함해 약 $150백만으로 증가합니다.
Quail Ranch 는 128 MW의 태양광과 400 MWh의 저장을 공동 배치한 프로젝트로 총 투자액은 $275백만이며, COD는 2025년 말에 예상됩니다. 첫 해 전년 revenues 은 $24백만, EBITDA 는 대략 $17백만으로 추정됩니다. 이 프로젝트는 Public Service Company of New Mexico 와 20년 PPA 를 보유하고 있으며 PTC/ITC 와 더불어 10%의 Energy Community Adders 를 받을 자격이 있습니다. 이는 Enlight 의 미국 내 다섯 번째 세제상 자본 조달 거래로, 미국 내 세제상 자본 조달 포트폴리오를 거의 $1십억 에 달하게 합니다.
Enlight (NASDAQ: ENLT) a annoncé que la filiale américaine Clēnera a conclu un accord de financement par equity fiscal avec Wells Fargo pour le projet Quail Ranch au Nouveau-Mexique le 3 novembre 2025. Wells Fargo fournira un financement par equity fiscal de $131 millions après la mise en service commerciale, montant qui s’élèvera à près de 150 millions de dollars grâce à des contributions pay-go au cours des dix premières années.
Quail Ranch est un projet co-localisé de 128 MW d’énergie solaire et de 400 MWh de stockage, avec un investissement total de $275 millions, et un COD prévu vers la fin de 2025. Les revenus pour la première année complète sont estimés à $24 millions et l’EBITDA autour de $17 millions. Le projet bénéficie d’un PPA sur 20 ans avec Public Service Company of New Mexico et est éligible au PTC/ITC plus un Add-on Energy Community de 10%. Il s’agit du cinquième accord de tax equity d’Enlight aux États-Unis, portant son portefeuille de tax equity américain à près de $1 milliard.
Enlight (NASDAQ: ENLT) gab bekannt, dass die US-Tochter Clēnera eine Tax Equity-Vereinbarung mit Wells Fargo für das Quail Ranch-Projekt in New Mexico am 3. November 2025 abgeschlossen hat. Wells Fargo wird nach Inbetriebnahme eine Tax Equity-Finanzierung von $131 Millionen bereitstellen, die sich einschließlich Pay-Go-Beiträgen in den ersten 10 Jahren auf fast $150 Millionen erhöht.
Quail Ranch ist ein ko-lokalisiertes 128 MW-Solarprojekt mit 400 MWh Speicher und einer Gesamtinvestition von $275 Millionen, dessen COD gegen Ende 2025 erwartet wird. Die ersten vollen Jahreserlöse werden auf $24 Millionen geschätzt, das EBITDA liegt bei etwa $17 Millionen. Das Projekt hat ein 20-Jahre PPA mit Public Service Company of New Mexico und ist qualifiziert für PTC/ITC plus einen Energy Community Adder von 10%. Dies ist Enlights fünfte Tax-Equity-Transaktion in den USA, wodurch das US-Tax-Equity-Portfolio auf fast $1 Milliarde anschwillt.
Enlight (NASDAQ: ENLT) أعلنت أن الفرع الأمريكي Clēnera أنهى اتفاقية تمويل ضريبي مع Wells Fargo لمشروع Quail Ranch في نيو مكسيكو في 3 نوفمبر 2025. ستقدم Wells Fargo تمويلاً ضريبياً بقيمة $131 مليون بعد التشغيل التجاري، ليصل إلى قرابة 150 مليون دولار بما في ذلك مساهمات الدفع على مدى أول 10 سنوات.
Quail Ranch هو مشروع مدمج يضم 128 MW من الطاقة الشمسية و400 MWh من التخزين بتكلفة إجمالية قدرها $275 مليون، ومن المتوقع أن يكون COD في نهاية 2025. الإيرادات للسنة الكاملة الأولى تُقدَّر بـ $24 مليون وEBITDA نحو $17 مليون. للمشروع عقدة PPA لمدة 20 سنة مع Public Service Company of New Mexico وهو مؤهل للحصول على PTC/ITC بالإضافة إلى إضافة مجتمعية للطاقة بنسبة 10%. هذه هي خامس صفقة تمويل ضريبي أمريكية لـ Enlight، مما يجعل محفظة التمويل الضريبي الأمريكية لديها تقارب $1 مليار.
- Tax equity of $131M post-COD, nearly $150M with pay-go
- Project size 128 MW solar and 400 MWh storage
- Total investment $275M for Quail Ranch
- Estimated annual revenue ~$24M in first full year
- Estimated EBITDA ~$17M in first full year
- 20-year PPA with investment-grade Public Service Company of New Mexico
- Primary tax equity contribution of $131M is scheduled after COD
- Additional pay-go contributions spread over the first 10 years, delaying full capital realization
Insights
Wells Fargo tax‑equity for Quail Ranch secures construction funding and long‑term cashflow visibility for the project.
The deal provides a post‑COD tax equity contribution of
Key dependencies and risks include timely achievement of commercial operation toward the end of
Wells Fargo joins as tax equity partner for Enlight’s New Mexico project
Enlight’s fifth U.S. tax equity partnership brings total to nearly
Quail Ranch, a 128 MW solar and 400 MWh storage project, is expected to reach COD toward the end of 2025
TEL AVIV, Israel, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE & NASDAQ: ENLT), a global renewable energy IPP and developer, announced today that its U.S. subsidiary Clēnera Holdings has closed a tax equity agreement with Wells Fargo Bank N.A. (Wells Fargo) for the Quail Ranch project in New Mexico.
Under the agreement, Wells Fargo will provide tax equity financing, including a contribution following commercial operation (COD) of
The Quail Ranch project, a co-located solar and energy storage project totaling 128 MW of solar generation and 400 MWh of energy storage, involves a total investment of
Quail Ranch benefits from a 20-year busbar power purchase agreement (PPA) with Public Service Company of New Mexico (PNM), an investment-grade offtaker, consistent with Enlight’s U.S. projects to date and providing stable, long-term revenues over the contract term.
The tax equity financing is expected to provide production tax credits (PTC) for the solar component and investment tax credits (ITC) for the storage component. Quail Ranch is also expected to qualify for the
“The Quail Ranch tax equity deal marks another step forward in scaling our U.S. platform,” said Adi Leviatan, CEO of Enlight. “Welcoming a top-tier institution like Wells Fargo as our partner affirms both the strength of the project and the robustness of our portfolio strategy. We’re proud to continue building long-term, trusted partnerships that expand access to reliable, affordable clean power at scale.”
“The Quail Ranch facility builds on our success in New Mexico,” said Jared McKee, CEO of Clēnera. “Our partnerships power that success and this tax equity arrangement with Wells Fargo is one more way we are executing our growth strategy in the U.S.”
About Enlight
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. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.
Investor Contacts
Limor Gruber
Director IR
investors@enlightenergy.co.il
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
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This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. 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These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
FAQ
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