Enlight Renewable Energy, a prominent renewable energy platform, has begun commercial operations at its Atrisco Solar & Energy Storage project near Albuquerque, New Mexico. Developed and constructed by Enlightโs U.S. subsidiary Clenera, the project includes 364 MW of solar generation and 1.2 GWh of energy storage capacity.
New Mexico Solar Array to Power 110,000 Homes
The solar generation array will become fully operational in the coming weeks, while the Energy Storage System (BESS) is expected to come online before the end of the year. The Public Service Company of New Mexico (PNM) will purchase the power generated at Atrisco through a 20-year power purchase agreement. The facility will produce enough clean energy to meet the average annual needs of roughly 110,000 New Mexico households.
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โWe are proud to see Clenera, our operational arm in the US, achieving the important milestone of Atriscoโs COD. Atriscoโs electricity will be generated at an attractive price, reducing carbon emissions, promoting economic development, and creating employment opportunities for the broader region,โ said Gilad Yavetz, CEO of Enlight Renewable Energy.
Atrisco: Enlightโs Largest Project with Major Partners
Atrisco Solar is Enlight’s largest project by capacity and investment. The project employed hundreds of engineers and skilled workers during its construction. RES Americas handled engineering, procurement, and construction, while Miller Brothers managed operations and maintenance. The project features solar panels from Runergy, trackers from Array Technologies Inc., string inverters from Sungrow, and an energy storage system from Tesla.
The Atrisco solar project was built for a total cost of $827 million, with a net project cost of $407 million after tax equity. In its first full year of operation, the project is expected to generate between $51-55 million in revenue and $41-45 million in EBITDA.
Financial close for the project’s energy storage component was reached in July 2024, while the solar component closed in December 2023.
The project secured significant backing, including $290 million in debt financing from major American and international banks led by HSBC, alongside $420 million from tax equity partners Bank of America and US Bank.
Following the energy storage financing, $234 million of equity was recycled back to the company’s balance sheet. Enlight will ultimately contribute $117 million in long-term net equity to the project.
โAchieving the first phase of commercial operations at Atrisco is a major milestone. We have taken a brownfield site with little use and transformed it into a clean energy power plant. The low-cost, emission-free energy produced here will benefit generations of New Mexico residents and is the first of our future investments in the state.โ said Adam Pishl, Clenera President and CEO.
Enlight: Powering a Sustainable Future
Enlight operates in the key renewable energy sectors of solar, wind, and energy storage. The company develops, finances, constructs, owns, and manages utility-scale projects. With a global presence in the United States, Israel, and ten European countries, Enlight has been listed on the Tel Aviv Stock Exchange since 2010 and went public on Nasdaq in 2023. The company was founded in 2008.
New Mexico has seen significant advancements in the solar-plus-storage sector this year, positioning it for rapid growth among US states. The US Solar Energy Industries Association (SEIA) projects the state will add 5.6 GW of new capacity over the next five years, which would rank it 12th in the nation.