Financing closes for Montana Utility-Scale Solar Project

Clēnera, an Enlight company has announced the closing of construction and tax equity financing for the 105 MWdc Apex Solar project located in Beaverhead County, Montana. The energy generated by the solar facility when the sun is shining will provide NorthWestern Energy’s Montana customers with additional carbon-free power through a long-term power purchase agreement, which will contribute to the energy company’s sustainability goals. The Renewable Energy Credits generated by the project will be sold separately, providing additional revenues to the project. The Apex Solar project will be among the largest utility-scale solar projects completed in the state to date.

Bank of America, one of the largest global banks in the U.S. and a leader in financing renewable energy projects in the U.S., and NORD/LB, a German bank active in renewable energy financing in Europe and the U.S., will fund the project through a construction loan.

“We are proud to work with Clēnera and our partners to close this construction financing. This transaction demonstrates another important milestone in solar and clean energy development and is an integral part of Bank of America’s broader $1.5 trillion sustainable finance commitment by 2030,” said Omer Farooq, Managing Director in the Global Sustainable Finance Group at Bank of America.

“We are delighted to partner with Clēnera in financing Apex Solar, the first project that Clēnera will construct in Montana and one of the largest utility-scale solar projects in the state. Clēnera has a robust pipeline of future renewable projects, and we look forward to growing our relationship with them,” said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB’s New York Branch.

Huntington National Bank, one of the largest U.S. regional banks and a highly experienced lender in sale-leaseback financing, will provide long-term financing via sale and leaseback tax equity financing for Apex Solar following commercial operations. Clēnera’s approach to this financing is unique in that the tax benefits and long-term financing will be combined in a single transaction – a practice sought after in the U.S. and in the utility-scale solar industry.

Clenera, LLC a subsidiary of Enlight Renewable Energy, LTD (TASE: ENLT), acquires, develops, builds and manages utility-scale solar farms and energy storage facilities throughout the United States. Combining breakthrough technology with a deeply integrated team approach, Clēnera provides reliable, affordable energy systems and helps its utility partners become clean energy leaders in their communities. Clēnera has developed and constructed over 1.6 GWdc of solar projects and provides long-term management of those projects on behalf of third-party owners. The company is developing approximately 50 large-scale solar projects in various stages of development with an approximate capacity of 12 GWdc, plus 5.5 GWh of energy storage projects.

Founded in 2008, Enlight is a leading international company in the, development, financing, construction and operation of renewable energy projects. The company is listed on the Tel Aviv Stock Exchange with no controlling shareholder (98% of the Company is held by the public). The company’s operations presently span more than 10 countries across three continents – the U.S, Europe and Israel. The company is growing at a fast pace thanks to its diverse operations across the core renewable energy segments in the world: solar energy, wind energy and energy storage, and has a proven track record of developing and bringing projects to fruition and commercial operation. The company’s equity currently totals approx. ILS 2.7 billion, and its portfolio of projects across all development stages amounts to more than 17 GW in the production segment and approx. 17 GWh in the storage segment, of which more than 1,000 MW are operational, and some additional 2,800 MW are under construction, pre-construction and/or under signed power sale agreements.