$350 Million mezzanine facility from Bank Leumi at optimal terms
Enlight’s Atrisco project will receive an additional $53 million in tax equity investment from a leading American bank, based on the Domestic Content adder
These transactions complete Enlight’s 2025 corporate financing plan for 4.8 FGW of new projects to be connected by 2027. Once operational, they will raise the company’s capacity to 7.9 FGW and generate an annual revenue run rate of $1.4 billion.
Tel Aviv, Israel, August 19, 2025 - Enlight (TASE & NASDAQ: ENLT), a leading global developer and operator of utility scale renewable energy projects, announced today the completion of two transactions in the United States: a $350 million mezzanine loan with Bank Leumi, Israel’s leading bank, executed through its U.S. subsidiary Clēnera; and a separate $53 million tax equity investment for the Atrisco project from an American bank. Those reflect the robustness of the company’s projects and the high level of confidence shown by its financial partners.
The mezzanine facility was secured at optimal terms, bearing interest at SOFR plus a margin of 2.7%–3.20% offering significant flexibility in the repayment structure and designed to support the company’s substantial growth across the U.S. market. The facility is U.S. dollar-denominated, ensuring optimal alignment between funding sources, project expenditures, and revenues.
The financing is backed by five large-scale solar-plus-storage projects in the United States — two of which, Atrisco and Apex, are already operational and generating revenue, and three others, Quail Ranch, Roadrunner, and Snowflake, are under construction. The total capacity of these projects is 2.8 FGW, of which 0.8 FGW is already operational. The remaining capacity is expected to enter commercial operation gradually between 2025 and 2027. Together with additional projects currently under construction in 2025, this will increase Enlight’s total operating capacity to approximately 7.9 FGW, generating an annual revenue run rate of $1.4 billion.
The financing includes significant structural flexibility in the loan’s repayment subject to the increase of senior project debt upon commercial operation. Reflecting the strong economics and coverage ratios of the underlying projects, Enlight provided a limited parent guarantee covering approximately 30% of the aggregate loan commitments under the Mezzanine Facilities Agreement.
In an additional transaction, the Atrisco project, which includes 360 MW of solar generation and 1,200 MWh of energy storage capacity, secured an additional 10% Tax Credit on its storage component based on the Domestic Content adder. The transaction is expected to increase its investment by $53 million, generating net proceeds of approximately $41 million. Respectively, this will create an increase of approximately $41 million to the Company’s pre-tax net profit, to be spread evenly over the next five years. The new addition generates a significant improvement in the Atrisco BESS project’s equity IRR.
These transactions mark the completion of Enlight’s 2025 financing plan, as the company accelerates construction of approximately 4.8 FGW of projects expected to achieve COD by the end of 2027.
Liat Shuv, Head of the Corporate Division, Bank Leumi: "Bank Leumi is proud to be at the forefront of renewable energy financing in Israel. Recently, we established a dedicated infrastructure financing division, with a focus on energy projects. This initiative is already proving its value, earning the trust of leading companies in the sector – including Enlight, with whom we are especially proud to partner. We remain committed to supporting the continued development of companies in this field, and will keep providing the financial backing they need to sustain and accelerate their healthy growth."
Gilad Yavetz, CEO of Enlight: "We thank Bank Leumi for their longstanding partnership and the strong confidence they have shown in Enlight and the quality of our U.S. projects. This trust is reflected in their willingness to work with us in distant markets and on optimal terms for the company.
"The combined financing initiatives we recently completed in the U.S., across senior debt, mezzanine, and tax equity, highlight Enlight’s competitive advantage in financing its activities – low cost and broad access to capital by delivering higher returns and lower risk.”