Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT,
TASE: ENLT.TA), a leading renewable energy platform, announces the
initial start of commercial operations at its Atrisco Solar &
Energy Storage project (“Atrisco”, “the Project”) outside
Albuquerque, New Mexico. The Project consists of 364 MW solar
generation capacity and 1.2 GWh of energy storage capacity, and was
developed and built by Enlight’s U.S. subsidiary Clenera.
The Solar generation array is expected to reach full commercial
operations over the next several weeks, and the Energy Storage
(BESS) complex of the project is expected to complete COD before
year end. The power produced at Atrisco is being purchased by the
Public Service Company of New Mexico (PNM) under the terms of a
20-year power purchase agreement. The clean energy to be produced
by the facility is equivalent to the average annual consumption of
approximately 110,000 New Mexico households.
Atrisco is the largest project built by Enlight both in terms of
capacity and capital expenditure. During construction, the Project
employed hundreds of engineers and skilled personnel. The
Engineering, Procurement, and Construction contractor was RES
Americas, and Miller Brothers is the operations and maintenance
contractor. The project uses solar panels from Runergy, trackers
from Array Technologies Inc, string inverters from Sungrow, and the
energy storage system was supplied by Tesla.
Atrisco was built at a total cost of $827 million and total
Project cost net of tax equity of $407 million. The Project is
expected to generate revenues of $51-55 million and EBITDA of
$41-45 million in its first full year of operation. As previously
reported, financial close on the Energy Storage portion was
achieved in July 2024, and on the Solar portion in December 2023.
In total, the Project has received $290 million in debt financing
from consortiums of large American and international banks led by
HSBC, and a total of $420 million from tax equity partners Bank of
America and US Bank. In connection with the Energy Storage
financing, which occurred on July 25, 2024, the Company recycled
$234 million of equity back to its balance sheet. Enlight will
provide $117 million of long-term net equity to the project.
“Achieving the first phase of commercial operations at Atrisco
is a major milestone,” said Clenera President and CEO Adam Pishl.
“We have taken a brownfield site with little use and transformed it
into a clean energy power plant. The low-cost, emission-free energy
produced here will benefit generations of New Mexico residents and
is the first of our future investments in the state.”
“We are proud to see Clenera, our operational arm in the U.S.,
achieving the important milestone of Atrisco’s COD,” commented
Gilad Yavetz, CEO of Enlight Renewable Energy. “Atrisco is a
win-win venture for New Mexico’s economy, climate goals, and energy
security, as well as for Enlight as a leading renewable energy
developer and IPP. Atrisco’s electricity will be generated at an
attractive price, reduce carbon emissions, and create economic
development and employment opportunities for the broader region.
Our additional clean energy projects in New Mexico and the
Southwest – some being even larger than Atrisco – are at an
advanced development stage. We look forward to commissioning these
projects as well, further contributing to the region’s
environmental wellbeing and economic prosperity.”
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns,
and operates utility-scale renewable energy projects. Enlight
operates across the three largest renewable segments today: solar,
wind and energy storage. A global platform, Enlight operates in the
United States, Israel and 10 European countries. Enlight has been
traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and
completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at
www.enlightenergy.co.il.
Contacts:
Yonah WeiszDirector IRinvestors@enlightenergy.co.il
Erica Mannion or Mike FunariSapphire Investor Relations, LLC+1
617 542 6180investors@enlightenergy.co.il
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; the potential impact of the
current conflicts in Israel on our operations and financial
condition and Company actions designed to mitigate such impact;
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, tariffs, 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, 2023, 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.
Enlight Renewable Energy (NASDAQ:ENLT)
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