Clēnera secures $304m financing for 120MW Crimson Orchard solar and 400MWh battery storage project in Idaho

Type: Financing · Technology: Hybrid · Country: United States · Capacity: 120 MW · Value: $304M · Announced: 2026-03-17

Clēnera, the US subsidiary of Enlight Renewable Energy, secured $304m in financing for its Crimson Orchard solar and energy storage project located in Elmore County, Idaho. The project will feature 120MW of solar power generation and 400MWh of battery storage capacity. Construction is currently underway, with commercial operations anticipated to commence in the first half of 2027. Enlight estimates the total project investment to be between $326m and $342m, with tax equity proceeds projected at $160m–170m. The project has also secured a 20-year busbar solar power purchase agreement and a separate energy storage tolling agreement with Idaho Power, ensuring long-term revenue certainty.

Analysis

Clēnera, the US subsidiary of global renewable energy company Enlight Renewable Energy, has secured $304 million in financing for its 120MW Crimson Orchard solar and 400MWh battery storage project in Elmore County, Idaho. This financing underpins a total project investment estimated between $326 million and $342 million, with a substantial $160 million to $170 million in projected tax equity proceeds. The hybrid project benefits from robust revenue certainty through a 20-year busbar solar power purchase agreement and a separate energy storage tolling agreement, both secured with Idaho Power. Commencing construction now, the project targets commercial operations in the first half of 2027, demonstrating a clear path to monetization for the significant 400MWh storage capacity alongside the solar generation. This structure effectively de-risks the asset for lenders while providing long-term, predictable cash flows for Enlight's utility-scale portfolio. The lender syndicate for the Crimson Orchard project comprises leading financial institutions: HSBC, KeyBanc Capital Markets, ING Capital LLC, and MUFG Bank. HSBC, as one of the world’s largest banking organizations, and MUFG Bank, a global financial institution and leading provider of project finance, bring significant global capital and expertise to the deal. KeyBanc Capital Markets' participation aligns with its focus as a corporate and investment banking arm serving infrastructure clients. ING Capital LLC, a global bank with a strong European base, further supports the transaction through its specialized lending and sustainable finance offerings. This diverse group of lenders validates the project's commercial viability and the long-term revenue certainty provided by the Idaho Power agreements, reinforcing the continued institutional appetite for de-risked, utility-scale hybrid renewable assets in the US market.

Key points

Counterparties

Source article