The CO Bar Complex, one of the largest projects in the United States, totals approximately 1.2 GW of solar power generation and 4.0 GWh of energy storage
The Complex is expected to contribute approximately $255 million in revenues and approximately $205 million in EBITDA in its first full year of Complex operation
Commercial operation of the projects is expected in phases from the second half of 2027 through the first half of 2028
TEL AVIV, Israel, June 25, 2026 (GLOBE NEWSWIRE) — Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a global renewable energy developer and independent power producer, announced today that its U.S. subsidiary Clēnera Holdings has entered into a debt financing framework agreement for the CO Bar Complex, located in Arizona.
The CO Bar Complex comprises five projects, totaling approximately 1.2 GW of solar power generation capacity and 4.0 GWh of energy storage capacity. The Complex is anchored by a 1 GW AC interconnection agreement and demonstrates Enlight’s Connect and Expand strategy, leveraging a large grid connection to develop multiple solar and energy storage projects as part of a single large-scale cluster. Commercial operation of the projects within the Complex is expected to occur in phases during the second half of 2027 and the first half of 2028.
CO Bar represents a total Complex investment in the range of $2,900 million to $3,045 million, including $1,705 million of term debt and with estimated tax equity proceeds of $1,450 million to $1,525 million and total Complex investment net of tax equity of $1,450 million to $1,520 million.
In its first full year of operation, the Complex is expected to generate $250 million to $260 million in revenues and $205 million to $210 million in EBITDA.
The financing commitments, totaling approximately $2.6 billion, were provided by a consortium of seven leading global financial institutions: BNP Paribas Securities Corp., Crédit Agricole CIB, MUFG Bank, Ltd., Natixis, New York Branch, Norddeutsche Landesbank Girozentrale, New York Branch (Nord/LB), Societe Generale, and Wells Fargo Securities, LLC.
CO Bar 1-2 have met the conditions precedent to the debt draw, and CO Bar 3-5 are expected to satisfy the applicable conditions precedent to their debt draws in the coming months.
CO Bar 1 combines solar power generation and energy storage, CO Bar 2 and 3 are solar generation projects, and CO Bar 4 and 5 are energy storage projects. Construction of CO Bar 1-3 is fully mobilized, and CO Bar 4 and 5 are expected to be fully mobilized in the second half of 2026.
The Complex is fully subscribed through five offtake agreements, including 20 year busbar solar power purchase agreements and energy storage agreements with Salt River Project (SRP) and Arizona Public Service (APS), providing long term contracted revenues across the Complex.
The Company 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 5.
“CO Bar is one of the clearest examples of Enlight’s ability to convert its large development pipeline into financed, contracted and executable assets,” said Adi Leviatan, CEO of Enlight. “Securing this financing for our largest project to date is a strong vote of confidence in Enlight and Clēnera, and in the quality of our U.S. portfolio. As electricity demand continues to grow, projects like CO Bar demonstrate the role we can play in delivering reliable, clean power at scale.”
“The CO Bar project represents a defining milestone in Clēnera’s growth in the United States,” said Jared McKee, CEO of Clēnera. “As the largest financing in our history, it supports the development of a landmark energy asset that will generate enough power for nearly 220,000 homes across Arizona. CO Bar is more than a project—it is a long-term, generational asset that will provide reliable, sustainable energy and support the region’s continued growth.”
Within the consortium of banks associated with the deal, various entities took on specialized roles. Nord/LB served as documentation agent. Natixis was the due diligence coordinator. MUFG was the administrative agent. BNP was collateral agent and depositary. Crédit Agricole CIB was the hedge coordinator.
About Enlight Renewable Energy:
Founded in 2008, Enlight Renewable Energy is a leading global renewable energy developer and independent power producer. The Company develops, finances, constructs, owns, and operates utility-scale renewable energy projects across solar, wind, and energy storage. Enlight operates in the United States, Israel, and Europe. Enlight has been traded on the Tel Aviv Stock Exchange (TASE: ENLT) since 2010 and has been listed on Nasdaq following its U.S. IPO in 2023 (Nasdaq: ENLT). Learn more at www.enlightenergy.com
Enlight Investor Contacts
Limor Zohar Megen
Director IR
investors@enlightenergy.com
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.com
Cautionary Note Regarding Forward-Looking Statements
This report on Form 6-K 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 report on Form 6-K other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to projects, their financing, operational timeline, as well as estimated revenues and EBITDA, statements regarding the offering of the Notes, including the consideration of expanding the existing series of Notes, the Company’s intention to accept prior undertakings from Classified Investors and expectations about use of proceeds, 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: uncertainties related to market conditions and completion of the offering of the Notes on the anticipated terms or at all; the timing of construction of any project; 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; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; 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; exposure to market prices in some of our offtake contracts; 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; 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 the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; 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 increasingly complex 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; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; 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, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; 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, 2025, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this Form 6-K. 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 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.
