As we reflect on the year 2025, we are thrilled to achieve major accomplishments, build upon our rapid growth strategy, and lay the foundation for successful construction of several gigawatts of new projects over the next few years. First, a word from CEO Jared McKee.
Building off the 2024 commissioning of our Atrisco project in Rio Rancho, NM, construction has been at full swing on its sister project, Quail Ranch. This facility adds 128 MW of photovoltaic (PV) generation and 400 MWh of energy storage system (ESS). We are looking forward to cutting the ribbon on the completed project next year!
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Moving west, we started construction on the Roadrunner Solar and Storage project. This 298 MW PV and 940 MWh ESS project is located outside Tucson, AZ. Construction has been wrapping up and we have been commissioning the project in preparation for full operations. Once commissioned, it will provide enough energy for nearly 55,000 Arizona homes.
In northeast Arizona, we began construction this fall on a mega-project, Snowflake A. Located outside Holbrook, this phase of the Snowflake Complex includes a 594 MW PV site and 1,900 MWh ESS. Construction is anticipated through 2026 and into 2027 with a commissioning in the second half of that year. When completed, it will generate enough energy for over 105,000 Arizona homes.
Our final project to begin construction in 2025 is the Country Acres Clean Energy facility, being built outside Sacramento, CA. This project includes 403 MW PV and 688 MWh ESS. Construction will continue through 2026 and once built, is expected to generate enough energy to power over 85,000 California homes.
2025 also saw the largest amount of capital raise for Clēnera projects. We secured debt and tax equity financing of over $3 billion. This both demonstrates confidence in our projects from global financial institutions and empowers us to continue our rapid growth strategy to build out our deep pipeline of projects.
2025 also brought with it some new roles and new faces to our leadership team.
At the top, we bid adieu to our co-founder and Chief Executive Officer, Adam Pishl, who has transitioned out of that role but remains on our Board of Directors and is serving as the Vice Chair.
Taking the helm is Jared McKee, who has been a leader at Clēnera for a decade. Moving from Chief Commercial Officer to Chief Executive Officer, he is bringing his signature energy, tenacity, and generosity to the role.
Joining him on our executive team, we welcomed industry leader and Navy veteran, Michael Eyman, as our Chief Operations Officer. Michael has boosted our Construction and Portfolio Operations teams as we execute and build out our deep pipeline of projects in development.
A longtime leader in our development team, Tom Fitzgerald, was promoted to the role of Chief Development Officer. He is leading our Business Development, Development, Policy and Land teams.
The heartbeat of our company is to do good in whatever community we’re in. This year, we had some incredible opportunities to Give More to many locations.
With many projects in northern Arizona and New Mexico, we have seen the need for greater investments in the Navajo Nation. We are proud to partner with Heart of America and Solv Energy on the Skip the Grid initiative. This mission installs residential solar panels, battery storage, and high efficiency light kits in homes across Navajo Nation. Clēnera employees and matching partners raised nearly $39,000 in 2024 for this effort, and in 2025 some of our team members traveled to Navajo Nation and installed 21 kits. We look forward to more installations in the coming year.
The people who work at Clēnera are the embodiment of our values. This year, employee-led charity initiatives continued to have a major impact in our home city of Boise, Idaho. They put together relief packages and shipped them to California after the Palisades Fire destroyed the community. They held a diaper drive for a local alternative high school, gathering over 4,000 diapers and wipes. They held community clean up events to restore habitat at several parks and wildland areas. They gathered presents for Operation Birthday Bash, which gives children in homeless shelters the birthday party everyone deserves. Daily generosity is the default with our incredible team!
We’re helping bring solar power to partners in our homes state as well. Donated panels are now generating energy at Boise’s mountain recreation area, Bogus Basin. Solar is also powering an off-grid University of Idaho research station at Rinker Rock Creek. We’re proud to support projects that demonstrate the flexibility and possibilities of solar and battery storage in our modern world.
The next year will continue to see healthy growth in our business. S&P Global recently ranked us in the top ten U.S. owner of planned installations in the next five years. We will be breaking ground in more communities, bringing more economic growth, grid resiliency, and reliable energy to power our bright future.
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.