Enlight Renewable Energy’s U.S. subsidiary Clēnera has secured a $2.6 billion debt financing framework for the CO Bar Complex in Arizona. The project includes 1.2 GW of solar capacity and 4.0 GWh of energy storage. Commercial operations are planned in phases from H2 2027 to H1 2028, with contracted revenues and storage-backed grid supply.
PROJECT SNAPSHOT
Project Name – CO Bar Complex.
Developer – Enlight Renewable Energy through Clēnera Holdings.
Project Type – Solar and battery energy storage complex.
Capacity – Approximately 1.2 GW solar and 4.0 GWh energy storage.
Location – Arizona, United States.
Technology Used – Solar PV generation and BESS.
Project Status – Financed; construction of CO Bar 1-3 fully mobilized.
Timeline – Commercial operation expected in phases during H2 2027 and H1 2028.
Power Offtaker – Salt River Project and Arizona Public Service.
Financing – $2,900 million to $3,045 million total investment; $2.6 billion financing commitments.
Purpose – Contracted clean power supply and energy storage support.
Expected Output – Expected to power nearly 220,000 homes across Arizona.
Agreement Details – Five offtake agreements, including 20-year solar PPAs and energy storage agreements.
Headquarters – Enlight Renewable Energy: Israel.
Enlight Renewable Energy, a global renewable energy developer, said its U.S. subsidiary Clēnera Holdings has entered into a debt financing framework agreement for the CO Bar Complex in Arizona. The Complex covers approximately 1.2 GW of solar power generation capacity and 4.0 GWh of energy storage capacity.
CO Bar includes five solar and storage projects under one financing structure. The Complex is anchored by a 1 GW AC interconnection agreement, which supports multiple projects within one project cluster under Enlight’s Connect and Expand strategy.
Commercial operation across the Complex is expected in phases during the second half of 2027 and the first half of 2028. CO Bar 1 combines solar power generation and energy storage. CO Bar 2 and CO Bar 3 are solar generation projects, while CO Bar 4 and CO Bar 5 are energy storage projects.
Construction of CO Bar 1-3 has been fully mobilized. CO Bar 4 and CO Bar 5 are expected to be fully mobilized in the second half of 2026. CO Bar 1-2 have met the conditions precedent to the debt draw, while CO Bar 3-5 are expected to meet the applicable conditions in the coming months.
CO Bar represents total Complex investment ranging from $2,900 million to $3,045 million. The financing includes $1,705 million of term debt, with estimated tax equity proceeds ranging from $1,450 million to $1,525 million. Total Complex investment net of tax equity is estimated at $1,450 million to $1,520 million.
Financing commitments total approximately $2.6 billion. The financing was given by seven institutions: BNP Paribas Securities Corp., Crédit Agricole CIB, MUFG Bank, Natixis New York Branch, Norddeutsche Landesbank Girozentrale New York Branch, Societe Generale and Wells Fargo Securities.
The Complex has five offtake agreements covering planned output and storage services. These include 20-year busbar solar power purchase agreements and energy storage agreements with Salt River Project and Arizona Public Service.
In the first full year of operation, Enlight expects the Complex to generate $250 million to $260 million in revenues and $205 million to $210 million in EBITDA. Clēnera said CO Bar is expected to generate enough power for nearly 220,000 homes across Arizona.
Enlight expects to sign an agreement with a tax equity partner during 2027. Each project in the Complex is expected to be eligible for the 10% Energy Community bonus tax credit. Enlight also intends to pursue the 10% Domestic Content bonus tax credit for CO Bar 4 and CO Bar 5.
Enlight said the financing advances development of the CO Bar Complex and supports its U.S. renewable energy portfolio. Clēnera said the financing supports development of the Arizona project.
The CO Bar financing moves the Arizona solar-plus-storage complex closer to construction and phased operation. With phased operations planned from late 2027 to early 2028, the project is expected to support Arizona’s contracted clean power supply through combined solar generation, battery storage and long-term offtake agreements.