MMA loans

Clēnera, an Enlight Company, Closes Financing for Montana Utility-Scale Solar Project

Bank of America and NORD/LB will provide construction financing, and Huntington National Bank will provide tax equity financing for the 105 MWdc solar project

Boise, Idaho, September 15, 2022 /PRNewswire/ — Today, Cleneraan Enlight Company (TASE: ENLT), is pleased to announce the closing of construction financing and tax equity financing for the 105 MWdc Apex Solar project located at Beaverhead County, Montana.

The energy generated by the solar installation when the sun is shining will provide Northwestern Energy Montana customers with additional carbon-free electricity through a long-term power purchase agreement, which will contribute to the energy company’s sustainability goals. Renewable energy credits generated by the project will be sold separately, providing additional revenue to the project. The Apex Solar project will be one of the largest utility-scale solar projects completed in the state to date.

Bank of Americaone of the largest global banks in the United States and a leader in financing renewable energy projects in the United States, and NORTH/LBa German bank active in the financing of renewable energies in Europe and the United States, will finance the project through a construction loan.

“We are proud to work with Clēnera and our partners to close this construction financing. This transaction marks another significant milestone in the development of solar and clean energy and is an integral part of Bank of America’s broader offering. $1.5 trillion commitment to sustainable finance by 2030,” said Omer FaroukManaging Director of Bank of America’s Global Sustainable Finance Group.

“We are thrilled to partner with Clēnera to fund Apex Solar, the first project Clēnera will build in Montana and one of the largest large-scale solar projects in the state. Clēnera has a strong portfolio of future renewable energy projects, and we look forward to developing our relationships with them,” said Nicolai Dillowresponsible for structured financial arrangements for NORD/LB’s New York Fork.

Huntington National Bank, one of America’s largest regional banks and a highly experienced lender in sale-leaseback financing, will provide long-term financing via sale-leaseback tax equity financing for Apex Solar following commercial operations. Clēnera’s approach to this financing is unique in that tax benefits and long-term financing will be combined into a single transaction – a sought-after practice in the United States and the large solar industry. ladder.

“Huntington is delighted to support Clēnera with this unique financing solution for Apex,” said Christiaan Bouhuijs, Managing Director of Renewable Energy Finance at the bank. “Our 25-year lease structure allows Clēnera to recognize initial value while providing low-cost, long-term financing certainty. We also look forward to supporting other large-scale projects for Clēnera in the near future.

“These transactions represent the strategic financing capabilities of Clēnera and Enlight,” said Jason Elsworth, CEO of Clēnera. “With valued partners, we are working to complete 12 GWdc of solar power, while further developing our pipeline and rapidly expanding our energy storage business.”

“Apex Solar will be one of the largest utility-scale solar projects in the state of Montanawith its construction facilitated by some of the major financial institutions in the United States” Nir Yehuda, said Enlight’s chief financial officer. “This project will benefit from competitive spreads and improved return on equity from these partnerships. It is encouraging to also see the tailwinds in US renewables, fueled by US government support.

Greenberg Traurig, LLP served as legal counsel to Clēnera, and Paragon Energy Capital acted as exclusive tax fairness advisor to Clēnera in connection with the transaction. Apex Solar is expected to enter commercial operation in the second quarter of 2023.

About Clenera: Clenera, LLC (“Clēnera”), a subsidiary of Enlight Renewable Energy, LTD (TASE: ENLT), acquires, develops, constructs and operates utility-scale solar farms and energy storage facilities across United States. Combining cutting-edge technology with a deeply integrated team approach, Clēnera provides reliable and affordable energy systems and helps its utility partners become clean energy leaders in their communities. Clēnera has developed and built more than 1.6 GWdp of solar projects and provides long-term management of these projects on behalf of third-party owners. The company is developing approximately 50 large-scale solar projects at various stages of development with an approximate capacity of 12 GWdp, plus 5.5 GWh of energy storage projects. Learn more about www.clenera.com.

About Enlight Renewables: Founded in 2008, Enlight is a leading international company in the development, financing, construction and operation of renewable energy projects. The company is listed on the Tel Aviv Stock Exchange without a majority shareholder (98% of the Company is publicly owned). The company’s operations currently span more than 10 countries on three continents – the United States, Europe and Israel. The company is growing at a rapid pace through its diverse businesses in the world’s major renewable energy segments: solar power, wind power and energy storage, and has a proven track record in the development and the realization of projects and their commercial exploitation. The equity of the company currently amounts to approx. 2.7 billion ILS, and its portfolio of projects at all stages of development amounts to more than 17 GW in the generation segment and approx. 17 GWh in the storage segment, of which more than 1,000 MW are operational, and some additional 2,800 MW are under construction, in pre-construction and/or under signed power sales contracts. For more information, visit https://enlightenergy.co.il.

About Bank of America: Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange. For more information about Bank of America, including dividend announcements and other important information, Register for e-mail news alerts.

About NORD/LB: Norddeutsche Landesbank Girozentrale (“NORD/LB”) is a leading investor in the energy and infrastructure sectors, with an established global franchise in renewable energy and a proven track record as lead arranger on the US project finance market. NORD/LB is a German Landesbank and one of the largest commercial banks in continental Europe. It is a public company, majority owned by the Länder of Lower Saxony and Saxony-Anhalt, whose head office is located in Hanover and branches worldwide, including dedicated project finance teams in New York, London and Singapore.

About Huntington: Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $179 billion regional asset holding bank headquartered in Columbus, Ohio. Founded in 1866, National Bank Huntington and its affiliates provide consumers, small and medium-sized businesses, corporations, municipalities and other organizations with a full range of banking, payment, wealth management and risk management. Huntington operates more than 1,000 branches in 11 states, with some companies operating in wide geographic areas. Visit Huntington.com for more information.

Forward-looking statement

The information detailed in this press release regarding anticipated project timelines, future financing and development, and other statements regarding future matters, as detailed above, is “forward-looking” within the meaning of Section 32A of Israeli Securities Law, 5728-1968, and is only an assessment based on information, estimates, forecasts and data available to Clēnera’s management at the time of the press release, and on current assessments of the direction. This information is conditional and subject to the existence of various factors, in particular the data of the project under development and the general risk factors that characterize the Company’s activities. Without limiting the generality of the foregoing, projects under development may not be completed profitably or at all. Accordingly, the above information may not materialize or actual results may differ from the information described above.

Media Contact:

Lauren Siger
Clenera
208-968-7403
[email protected]

Investor Relations:

Dan Politi
illuminate
[email protected]

Photo – https://mma.prnewswire.com/media/1899701/Enlight_Renewable_Energy.jpg

SOURCE Enlight Renewable Energy