2023-12-19 06:00:36
Enlight Announces Financial Closures in Two Solar Projects, Expects $325 Million in Returns
Enlight, a leading renewable energy company, has successfully achieved financial closures in two of its solar projects, signaling the company’s strong financial position and access to significant funding sources. The closures are in projects with a total capacity of 581 megawatts of solar and 512 megawatt hours of storage, further cementing Enlight’s position in the renewable energy sector.
The first project boasts a capacity of 217 megawatts of solar and 512 megawatt hours of storage, while the second project is part of the Atrisc project in New Mexico, with a capacity of 364 megawatts. Enlight expects to receive a return of excess equity totaling approximately $325 million from these closures.
In addition to the returns from the closures, Enlight anticipates receiving an additional excess equity amounting to $15 to $20 million when the solar part of the Atrisco project reaches commercial operation. These financial achievements mark significant milestones for Enlight as it continues to expand its renewable energy portfolio.
Gilad Yeavetz, CEO of Enlight, expressed his confidence in the company’s financial strategy, stating, “The financial closure in both projects testifies to Enlight’s financial solidity and the company’s high accessibility to funding sources and a tax partner in large volumes. These transactions highlight the realization of the company’s financial strategy, which is based on the use of equity turnover, cash in hand, and profits from existing projects to finance the equity capital needs for the construction of additional projects amounting to 4.6 gigawatts of production and 3.6 gigawatts of storage until 2026.”
Enlight’s commitment to leveraging its financial strength for further expansion underscores its position as a key player in the renewable energy industry. With a focus on sustainable and environmentally friendly energy solutions, the company’s successful financial closures in these projects mark a significant step towards achieving its ambitious production and storage goals in the coming years.
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