Enlight Secures Nearly $340 Million in Tax Equity Partnerships for Roadrunner Solar and Energy Storage Project
Enlight Renewable Energy (NASDAQ: ENLT) has secured approximately $340 million in tax equity partnerships for its Roadrunner Solar and Energy Storage Project near Tucson, Arizona. The project consists of a 290 MW solar component and 940 MWh storage facility, with a total investment of $621 million.
The company closed two separate agreements: one with J.P. Morgan for the solar component, and another with M&T Bank and First Citizens Bank for the storage component. The tax equity commitments are expected to increase to nearly $390 million including pay-go contributions.
The project has begun test energy production and is expected to achieve full commercial operation by end-2025. Backed by a 20-year PPA with Arizona Electric Power Cooperative, Roadrunner is projected to generate annual revenues exceeding $50 million and EBITDA of approximately $40 million in its first full operating year.
Enlight Renewable Energy (NASDAQ: ENLT) ha assicurato circa 340 milioni di dollari in partenariati di tax equity per Roadrunner Solar and Energy Storage Project vicino a Tucson, in Arizona. Il progetto comprende una componente solare da 290 MW e un impianto di stoccaggio da 940 MWh, con un investimento totale di 621 milioni di dollari.
L'azienda ha chiuso due accordi separati: uno con J.P. Morgan per la parte solare, e un altro con M&T Bank e First Citizens Bank per la parte di stoccaggio. Gli impegni di tax equity dovrebbero aumentare a quasi 390 milioni di dollari includendo i contributi pay-go.
Il progetto ha avviato la produzione di energia di test e si prevede che raggiungerà l'operatività commerciale completa entro la fine del 2025. Supportato da un PPA di 20 anni con Arizona Electric Power Cooperative, Roadrunner dovrebbe generare entrate annuali superiori a 50 milioni di dollari e un EBITDA di circa 40 milioni di dollari nel suo primo anno pieno di operatività.
Enlight Renewable Energy (NASDAQ: ENLT) ha asegurado aproximadamente 340 millones de dólares en asociaciones de tax equity para su Roadrunner Solar and Energy Storage Project cerca de Tucson, Arizona. El proyecto consta de un componente solar de 290 MW y una instalación de almacenamiento de 940 MWh, con una inversión total de 621 millones de dólares.
La empresa cerró dos acuerdos separados: uno con J.P. Morgan para el componente solar y otro con M&T Bank y First Citizens Bank para el componente de almacenamiento. Se espera que los compromisos de tax equity aumenten a casi 390 millones de dólares, incluyendo las contribuciones pay-go.
El proyecto ha comenzado la producción de energía de prueba y se espera que alcance una operación comercial plena a fines de 2025. Respaldado por un PPA de 20 años con Arizona Electric Power Cooperative, Roadrunner podría generar ingresos anuales superiores a 50 millones de dólares y un EBITDA de aproximadamente 40 millones de dólares en su primer año completo de operación.
Enlight Renewable Energy (NASDAQ: ENLT) 은 애리조나주 투손 근처 Roadrunner Solar and Energy Storage Project를 위해 약 3억 4천만 달러의 세금자본(Tax Equity) 파트너십을 확보했습니다. 이 프로젝트는 290 MW 태양광 구성요소와 940 MWh 저장 설비로 구성되며 총 투자액은 6억 2100만 달러입니다.
회사는 태양광 구성요소를 위해 J.P. Morgan과, 저장 구성요소를 위해 M&T Bank 및 First Citizens Bank과 각각의 계약을 체결했습니다. 세금자본 약속은 현금납입(pay-go) 기여를 포함하여 거의 3억 9천만 달러까지 증가할 것으로 예상됩니다.
프로젝트는 시험 운전을 시작했고 2025년 말까지 전면 상용 가동이 달성될 것으로 예상됩니다. Arizona Electric Power Cooperative와의 20년 PPA로 뒷받침되는 Roadrunner는 첫 해에 매년 매출이 5천만 달러 이상이고 EBITDA가 약 4천만 달러를 초과할 것으로 예상됩니다.
Enlight Renewable Energy (NASDAQ: ENLT) a sécurisé environ 340 millions de dollars dans des partenariats de tax equity pour son Roadrunner Solar and Energy Storage Project près de Tucson, en Arizona. Le projet comprend une composante solaire de 290 MW et une installation de stockage de 940 MWh, avec un investissement total de 621 millions de dollars.
L'entreprise a conclu deux accords distincts: l'un avec J.P. Morgan pour la partie solaire et l'autre avec M&T Bank et First Citizens Bank pour la partie stockage. Les engagements de tax equity devraient augmenter à près de 390 millions de dollars, en incluant les contributions pay-go.
Le projet a commencé la production d'énergie de test et devrait atteindre une mise en service commerciale complète d'ici fin 2025. Soutenu par un PPA de 20 ans avec Arizona Electric Power Cooperative, Roadrunner devrait générer des revenus annuels supérieurs à 50 millions de dollars et un EBITDA d'environ 40 millions de dollars lors de sa première année pleine d'exploitation.
Enlight Renewable Energy (NASDAQ: ENLT) hat rund 340 Millionen Dollar an Tax-Equity-Partnerschaften für das Roadrunner Solar and Energy Storage Project in der Nähe von Tucson, Arizona, gesichert. Das Projekt besteht aus einer Solarkomponente von 290 MW und einer Speichereinrichtung mit 940 MWh, mit einer Gesamtinvestition von 621 Millionen Dollar.
Das Unternehmen schloss zwei getrennte Vereinbarungen ab: eine mit J.P. Morgan für die Solar-Komponente und eine weitere mit M&T Bank und First Citizens Bank für die Speicherkopponente. Die Tax-Equity-Verpflichtungen sollen auf fast 390 Millionen Dollar einschließlich Pay-go-Beiträgen steigen.
Das Projekt hat mit dem Testenergieeinsatz begonnen und soll bis Ende 2025 vollständig kommerziell in Betrieb genommen werden. Unterstützt von einem 20-Jahre-PPA mit der Arizona Electric Power Cooperative wird Roadrunner voraussichtlich im ersten vollen Betriebsjahr jährliche Einnahmen von über 50 Millionen Dollar und EBITDA von ca. 40 Millionen Dollar erzielen.
Enlight Renewable Energy (NASDAQ: ENLT) قد أمنت نحو 340 مليون دولار في شراكات ضريبة الملكية (tax equity) لمشروع Roadrunner Solar and Energy Storage بالقرب من توسكين، أريزونا. يتكون المشروع من مكوّنين شمسين بقوة 290 ميغاواط ومرفق تخزين بسعة 940 ميغاواط ساعة، باستثمار إجمالي قدره 621 مليون دولار.
أغلقت الشركة صفقتين منفصلتين: إحداهما مع J.P. Morgan للمكوّن الشمسي، والأخرى مع M&T Bank و First Citizens Bank للمكوّن التخزيني. من المتوقع أن ترتفع التزامات tax equity إلى ما يقرب من 390 مليون دولار بما في ذلك مساهمات Pay-Go.
بدأ المشروع بإنتاج الطاقة التجريبي ومن المتوقع أن يصل إلى التشغيل التجاري الكامل بنهاية عام 2025. وبواقع دعم من PPA لمدة 20 عاماً مع Arizona Electric Power Cooperative، من المتوقع أن يحقق Roadrunner إيرادات سنوية تتجاوز 50 مليون دولار و EBITDA يقارب 40 مليون دولار في العام الأول من التشغيل الكامل.
Enlight Renewable Energy（NASDAQ: ENLT）已为其Roadrunner Solar and Energy Storage Project（位于亚利桑那州图森附近）争取到约3.4亿美元的税收股权投资合作，项目包括290 MW的太阳能部分和940 MWh的储能设施，投资总额为6.21亿美元。
公司签署了两份独立协议：一份与J.P. Morgan负责太阳能部分，另一份与M&T Bank 与 First Citizens Bank负责储能部分。税收股权承诺预计在支付贡( Pay-go) 贡献的情况下，增至近3.9亿美元。
该项目已开始试发电，预计在2025年底前实现全面商业运行。在与 Arizona Electric Power Cooperative 签署的20年PPA支持下，Roadrunner 预计第一完整运营年度的年收入将超过5000万美元，EBITDA 约为4000万美元。
- Secured substantial $340 million in tax equity partnerships, expected to reach $390 million with pay-go contributions
- Project expected to generate over $50 million in annual revenue and $40 million in EBITDA
- 20-year PPA with investment-grade offtaker ensures stable long-term revenues
- Project qualifies for 10% Energy Community Adder tax benefits
- Test energy production has already begun, with full operation expected by end of 2025
- Large total investment of $621 million requires significant capital deployment
- Project completion and revenue generation dependent on successful operational launch by end of 2025
Insights
Enlight secures substantial $340M tax equity financing for Roadrunner project, strengthening its financial position and growth trajectory in the U.S. renewable market.
Enlight's announcement represents a significant financial milestone with the closing of two tax equity partnerships totaling
The financing structure takes full advantage of available tax incentives, with the solar component leveraging Production Tax Credits (PTCs) and the storage component utilizing Investment Tax Credits (ITCs). Critically, the project is expected to qualify for the
What's particularly noteworthy is the projected financial performance: annual revenues exceeding
The
This transaction strengthens Enlight's financial flexibility while enabling continued expansion across prime U.S. power markets, particularly in regions facing capacity constraints where solar+storage combinations command premium pricing.
Roadrunner signs two separate tax equity partnerships: J.P. Morgan for solar, and M&T Bank together with First Citizens Bank, for energy storage
Roadrunner, a 290 MW solar and 940 MWh storage project in Arizona, has initiated production of test energy and is expected to reach full COD by the end of 2025
Enlight strengthens its U.S. growth strategy, collaborating with new financing partners to support a robust project pipeline across leading power markets
TEL AVIV, Israel, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE&NASDAQ: ENLT), a leading global renewable energy company, announced today that its U.S. subsidiary Clēnera Holdings has closed two tax equity partnership agreements for the Roadrunner Solar and Energy Storage Project, located near Tucson, Arizona.
The first agreement, with J.P. Morgan Chase Bank, N.A. (“J.P. Morgan”), covers the project’s 290 MW solar component and includes a tax equity contribution at COD, along with additional pay-go payments over the first 10 years of operation. The second agreement, with M&T Bank and First Citizens Bank, provides tax equity financing for the 940 MWh storage component at COD. Together, the two partnerships represent approximately
The Roadrunner project, a state-of-the-art co-located solar and energy storage project, involves a total investment of
The solar component is expected to benefit from Production Tax Credits (PTC), while the storage component is expected to receive Investment Tax Credits (ITC). The project is expected to qualify for the
All of Enlight’s U.S. projects to date are supported by BUSBAR power purchase agreements (PPAs) with investment-grade offtakers, providing long-term, stable revenues for the company. Roadrunner is backed by a 20-year PPA with the Arizona Electric Power Cooperative, ensuring a reliable, low-cost source of energy for member-consumers.
Co-located solar and energy storage projects are a cornerstone of Enlight’s strategy, enabling reliable delivery of clean electricity together with critical flexibility to the grid. Enlight’s substantial portfolio in the United States positions the company as a leader in large-scale clean energy deployment. Roadrunner adds to this momentum as a flagship utility-scale co-located solar and energy storage project, now advancing toward operation across leading U.S. power markets.
Eric Heintz, M&T Bank Managing Director, Energy and Infrastructure Finance: “M&T Bank is proud to partner with Clēnera, Enlight, and First Citizens Bank on the Roadrunner project, which represents one of the most significant co-located solar and storage developments in the U.S. This investment underscores our commitment to advancing battery energy storage as a critical enabler of grid stability and resilience. By helping accelerate the deployment of projects like Roadrunner, we are strengthening America’s domestic energy supply and supporting the country’s leadership in the global clean energy transition.”
Gilad Yavetz, CEO of Enlight: “We thank J.P. Morgan, M&T Bank and First Citizens Bank for their confidence in Enlight through these transactions. We appreciate the trust that J.P. Morgan has consistently placed in us, and we are pleased to deepen our partnerships with M&T Bank and First Citizens Bank. These partnerships reflect the confidence of leading financial institutions in our robust portfolio of projects and in our ability to deliver at scale, further positioning Enlight at the forefront of the clean energy transition.”
Jared McKee, incoming CEO of Clēnera: “We continue to see success and growth in our Enlight/Clēnera U.S. platform. We are appreciative of our partnership with leading banks in the industry and the value they see in partnering with us. The energy market continues to demonstrate a high demand for new power sources, and our projects are delivering on that need. We will continue to build up America’s future energy resources and cultivate a future of responsible energy independence.”
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 Contact
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
Cautionary Note Regarding Forward-Looking Statements
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. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, , sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.
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
What is the size and value of Enlight's Roadrunner project?
When will ENLT's Roadrunner project be fully operational?
What are the expected financial returns from ENLT's Roadrunner project?
Who are the tax equity partners for ENLT's Roadrunner project?
What type of power purchase agreement does the Roadrunner project have?
