Highway Solar Enlight Renewable Energy has completed financing of its Quail Ranch solar project in Tierra Grande, near Albuquerque, New Mexico. Those loans were obtained by the company’s U.S. subsidiary, Clēnera Holdings. The joint project is presently in the midst of construction. Once it’s fully online, it will supply power equivalent to the needs at more than 25,000 Idaho homes.
The Quail Ranch project represents a significant step forward in making renewable energy a real investment consideration. The preliminary total cost estimate is between $326 million and $342 million. We’re going to deploy 120 megawatts (MW) of solar power generation capacity. Beyond that, we’ll bring on 400 MWh of battery storage. This aggregated capability will help improve the reliability and efficiency of the region’s energy supply.
Alongside the construction financing, Enlight has locked in a 20-year busbar solar power purchase agreement with Idaho Power. Additionally, a separate 20-year energy storage tolling agreement with Idaho Power has been signed. These agreements highlight Idaho’s commitment to long-term sustainability and energy security for the people of Idaho.
The Quail Ranch project area encompasses approximately 528 acres of private land. Currently, this land is being utilized for seasonal grazing and year-round crop production. The company’s forecasts indicate that during the project’s initial full year of operation, it will generate revenue between $27 million and $28 million, with an estimated EBITDA of approximately $20 million to $21 million.
We expect to begin commercial operations in the first half of 2027. Such a timeline serves Enlight’s strategic objectives as well. Collectively, it seeks to diversify the renewable energy portfolio and lead the clean energy transition in the United States.
Adi Leviatan, Enlight’s U.S. representative, said that the project will help create a blueprint for future renewable energy development.
“This achievement underscores Enlight’s successful track record of project development and robust financing for our US portfolio.” – Adi Leviatan
CBD has emphasized the important role of collaboration with global lenders in moving such initiatives forward.
“We are proud to once again collaborate with a group of high-quality global lenders whose partnership enables us to advance innovative renewable energy projects like Crimson Orchard. Their continued trust and support reflect the strength of our strategy and the impact we strive to make in the clean energy transition.” – Adi Leviatan