Wells Fargo N.A. has committed tax‑equity financing for Enlight Renewable Energy’s Quail Ranch project, a 128 MW solar plant with 400 MWh of storage in New Mexico that is expected to be operational by the end of 2025.
The financing package includes an initial contribution of $131 million after commercial operation, with the total expected to rise to nearly $150 million over the first ten years of operation. The deal brings Enlight’s U.S. tax‑equity portfolio to a total value of almost $1 billion.
Quail Ranch is backed by a 20‑year power purchase agreement with Public Service Company of New Mexico and is projected to generate about $24 million in annual revenue and $17 million in EBITDA in its first full operating year. The project qualifies for Production Tax Credits for solar and Investment Tax Credits for storage under the Inflation Reduction Act, including the Energy Community Adder.
Wells Fargo has invested more than $18.4 billion in renewable‑energy projects across 38 states and aims to deploy $500 billion in sustainable financing by 2030. Its Renewable Energy & Environmental Finance group has been a tax‑equity investor since 2006 and is actively evaluating new asset classes eligible under the IRA. Quail Ranch also shares interconnection infrastructure with Enlight’s Atrisco project, providing cost efficiencies.
Prior to the tax‑equity deal, Enlight secured $243 million in construction loans from a consortium of global banks. In Q2 2025, Enlight reported revenues of $135 million and net income of $6 million; in Q4 2024, revenues were $104 million and net income $8 million. Wells Fargo reported Q3 2024 revenue of $20.37 billion and net income of $5.1 billion.
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