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

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.