Enlight Renewable Energy has finalised a tax equity financing agreement worth nearly $150 million for its Quail Ranch project in New Mexico. The financing was arranged through Wells Fargo Bank under a structure that includes a contribution of $131 million after the project reaches commercial operation, which is expected to rise to nearly $150 million over the first 10 years through pay-go contributions. The financing structure includes production tax credits for the solar component and investment tax credits for the storage component.
The Quail Ranch project comprises a 128 MW solar plant with a 400 MWh battery energy storage system. It involves an overall investment of $275 million, and is expected to achieve commercial operation by the end of 2025. Additionally, the project has a 20-year busbar power purchase agreement with Public Service Company of New Mexico. Once operational, the project is projected to generate approximately $24 million in annual revenue. Moreover, the project is expected to qualify for the 10 per cent energy community adder under the Inflation Reduction Act.
In September 2025, Enlight Renewable Energy, through its US subsidiary Clēnera Holdings, completed two tax equity partnership agreements for the Roadrunner solar and battery energy storage system (BESS) project in Tucson, Arizona. The solar component has been backed by J.P. Morgan with a tax equity contribution at commercial operation date (COD) and further pay-go payments over the first 10 years. The energy storage component has received tax equity financing from M&T Bank and First Citizens Bank at COD.
