Enlight secures $2.6 billion financing for Arizona solar and storage project

Enlight has closed a $2.6 billion financing package for construction of its CO Bar project in the United States, a large solar and storage development in Arizona. The project will include 1.2 gigawatts of solar capacity and 4 gigawatt-hours of energy storage, and is being financed by an international consortium that includes Wells Fargo, BNP Paribas and Credit Agricole.

CO Bar consists of five subprojects. The first combines a solar field with storage, the second and third are solar fields, and the fourth and fifth are storage facilities. The project is led by Enlight’s U.S. subsidiary Clēnera, which Enlight bought 90% of in 2021 for $390 million. Clēnera has already started building the first three parts and plans to begin the storage facilities in the second half of this year. Commercial operation is expected to roll out gradually in 2027 and 2028.

Earlier this year, Enlight secured grid connection capacity of 1 gigawatt and signed five long-term power purchase agreements for electricity from the project, including with Arizona utilities. Total investment in CO Bar is estimated at $2.9 billion to $3 billion. Because all five components qualify for Safe Harbor tax benefits under the U.S. budget law, Enlight expects the tax equity partner, with whom it plans to sign an investment agreement next year, to contribute about half the amount.

The company estimates that in its first full year of operation, CO Bar will generate $250 million to $260 million in revenue and $200 million to $210 million in EBITDA. The financing follows another $1.4 billion closing completed at the end of 2025 for the Snowflake project in Arizona, where Enlight is building 600 megawatts of solar and 1.9 gigawatt-hours of storage. Together, the two projects support Enlight’s plan to reach annual revenue of $2.1 billion to $2.3 billion by the end of 2028, versus $582 million in 2025, as its global operating portfolio grows to 11 to 13 weighted gigawatts from 3.9 weighted gigawatts today. Enlight, led by Adi Leviathan and traded in Tel Aviv and on Nasdaq, has a market value of about 38 billion shekels, and its shares are up 241% over the past 12 months.