Enlight Raises $2.6 Billion to Build Major Arizona Solar and Storage Project

Enlight, one of Israel’s largest renewable energy companies, said on Thursday that it has completed a $2.6 billion fundraising package for a very large solar-and-storage project in Arizona. The CO Bar complex will include 1.2 gigawatts of generation capacity and 4 gigawatt-hours of storage, and is expected to generate $255 million in revenue in its first full year of operation.

The project is Enlight’s largest to date and one of the biggest renewable energy developments in the United States. Its U.S. subsidiary, Clēnera Holdings, secured the financing from a consortium of leading global financial institutions. The complex in Arizona includes five separate projects spread across a large area.

Total investment in the project could exceed $3 billion, or about NIS 9 billion. The money will come as a loan from seven large international lenders, four from France, one from Germany, one from Japan and one from the United States. Some of those institutions have already partnered with Enlight on earlier projects such as Road Runner. The combined loan carries interest of 5.7% to 6.1%.

The financing comes as U.S. solar developers race to complete projects and connect them to the grid before federal tax incentives from the Biden era are eliminated under Donald Trump’s Big Beautiful Bill. The deadline for qualifying for the credits is July 4, 2026. Enlight said this specific financing round is not necessarily tied to that deadline. The project is already advanced, with power purchase agreements and grid connection agreements in place.

Enlight CEO Adi Leviatan said the financing showed the company’s strength in the U.S. and its ability to advance large projects from development through construction. She added that the deal reflected global lenders’ confidence in Enlight, Clēnera, its portfolio and execution capabilities, and said CO Bar highlights the company’s role in supplying clean, reliable electricity at scale.