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 built by Enlight’s U.S. subsidiary Clenera, the project features 364 MW of solar generation and 1.2 GWh of energy storage capacity.
New Mexico Solar Array to Power 110,000 Homes
The solar array will become fully operational in the coming weeks, while the Battery Energy Storage System (BESS) is expected to be online before the end of the year. Power generated at Atrisco will be purchased by the Public Service Company of New Mexico (PNM) under 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.
New Mexico Solar Array
“We are proud to see Clenera, our operational arm in the US, achieving the important milestone of Atrisco’s COD. Atrisco’s electricity will be generated at an attractive price, reducing carbon emissions, fostering economic development, and creating employment opportunities for the broader region,” said Gilad Yavetz, CEO of Enlight Renewable Energy.
Atrisco: Enlight’s Largest Project with Major Partners
As Enlight’s largest solar project by capacity and investment, its construction employed hundreds of engineers and skilled workers. RES Americas oversaw engineering, procurement, and construction, while Miller Brothers is managing 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 at a total cost of $827 million, with tax equity financing bringing the net project cost to $407 million. In its first full year of operation, the project is expected to generate $51-55 million in revenue and $41-45 million in EBITDA. The financial close for the energy storage component was achieved in July 2024, while the solar component closed in December 2023.
Financing for the project included $290 million in debt from major American and international banks, led by HSBC, and $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.
“Achieving 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.” said Adam Pishl, Clenera President and CEO.
Enlight: Powering a Sustainable Future
Enlight operates across major renewable energy sectors, including solar, wind, and energy storage. The company develops, finances, constructs, owns, and manages utility-scale projects. Enlight has a global presence spanning the United States, Israel, and ten European countries. Founded in 2008, it has been listed on the Tel Aviv Stock Exchange since 2010 and went public on Nasdaq in 2023.
New Mexico is making significant strides in the solar-plus-storage sector this year, positioning the state for rapid growth. According to the US Solar Energy Industries Association (SEIA), New Mexico is projected to add 5.6 GW of new capacity over the next five years, which would rank it 12th in the nation.