Enlight Renewable Energy Ltd. announced on December 23, 2024, that it has arranged debt financing for its Roadrunner project, located near Tucson, Arizona. The financing package totals $550 million through a loan agreement with a consortium of four global banks: BNP Paribas Securities Corp, Crédit Agricole, Natixis CIB, and Norddeutsche Landesbank Girozentrale.
The $550 million construction loan is expected to convert into a $290 million term loan and $320 million of tax equity funding upon the project's commercial operation date (COD). The term loan features an amortization tenor of 20-25 years and an all-in interest rate of SOFR + 1.5%-1.75%. Enlight's equity investment during construction is projected to be 10% of the total project cost of $610 million.
Roadrunner, the second-largest project in Enlight's history, consists of 290 MW of solar generation and 940 MWh of energy storage capacity. Construction has already commenced, and the project is expected to reach full COD by the end of 2025. It has a 20-year busbar power purchase agreement with the Arizona Electric Power Cooperative (AEPCO) and is expected to generate $51-54 million in revenues and $41-44 million in EBITDA in its first full year of operation.
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