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TEL AVIV - Enlight Renewable Energy Ltd. (NASDAQ: ENLT), a global renewable energy platform with a market capitalization of $1.82 billion and impressive revenue growth of 47.8% over the last twelve months, has announced the financial closure of its Quail Ranch project near Albuquerque, New Mexico. The company, through its U.S. subsidiary Clenera Holdings LLC, secured $243 million in construction financing commitments. According to InvestingPro analysis, the company maintains strong gross profit margins of 79.82%, though it operates with a significant debt burden.
Quail Ranch, which combines 128 MW of solar generation with 400 MWh of battery storage, is expected to be completed by the end of 2025. The project has secured a 20-year busbar Power Purchase Agreement (PPA) with the Public Service Company of New Mexico. This project follows the Atrisco project, which began commercial operations in 2024 and shares infrastructure with Quail Ranch to reduce costs. InvestingPro data reveals that while the company is currently trading near its 52-week low, analysts expect continued sales growth this year. Discover 10+ additional exclusive ProTips and comprehensive analysis with an InvestingPro subscription.
The financial closure is part of a broader achievement for Enlight, which has secured a total of $1.5 billion in financing for three U.S. projects under construction within the past four months. These projects, including Quail Ranch, Roadrunner, and Country Acres, have a combined capacity of 1.4 FGW and are projected to generate annual revenues between $135-140 million, with EBITDA estimates of $100-110 million upon commencement of operations in 2025-2026.
A consortium of four global banks, including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale, led the financial close. The construction loan for Quail Ranch is expected to convert into a $120 million term loan at the project’s Commercial Operation Date (COD). The project is also anticipated to qualify for the Energy Community Tax Credit Bonus, with a tax equity transaction expected to be finalized in 2025.
Enlight’s CEO, Gilad Yavetz, expressed pride in the rapid succession of financial closings, which positions the company to generate approximately $200 million in annual revenues from its U.S. operations. Additionally, Enlight is advancing two megaprojects in the western U.S., with a combined capacity of 2.6 FGW, expected to begin construction soon.
Founded in 2008, Enlight operates in the United States, Israel, and 10 European countries, focusing on solar, wind, and energy storage projects. The company was listed on the Tel Aviv Stock Exchange in 2010 and completed its U.S. IPO in 2023. Based on InvestingPro’s Fair Value analysis, the stock currently appears undervalued. For deeper insights, access the comprehensive Pro Research Report available for ENLT, part of our coverage of 1,400+ top US stocks, offering expert analysis and actionable intelligence for smarter investing decisions. This article is based on a press release statement.
In other recent news, Enlight Renewable Energy has announced the successful completion of public tenders for its Series G and Series H notes in Israel, securing approximately $235 million from classified investors. The proceeds from these offerings are designated for investment in large-scale renewable energy projects across the United States, Europe, and MENA regions, as well as for general corporate purposes. The Series G notes were sold at a fixed annual interest rate of 5%, while the Series H notes, which are convertible into ordinary shares, were offered at a 4% interest rate. Israeli credit rating agency Midroog confirmed a stable A2.il rating for these notes, with a total amount of up to NIS 900 million.
Additionally, Enlight has entered into a five-year Power Purchase Agreement with NTA Metropolitan Mass Transit System Ltd., valued at $22 million, to provide clean energy for Tel Aviv’s mass transit network. This agreement is part of Israel’s deregulated electricity market and is expected to significantly reduce NTA’s electricity costs and carbon emissions. The deal also highlights the financial benefits for NTA, as noted by Enlight MENA’s CEO, Gilad Peled, who emphasized the cost-effectiveness of clean energy. Enlight’s revenues in Israel have doubled, reaching over $150 million last year, showcasing the company’s growth in the renewable energy sector.
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