Enlight Renewable Energy, a prominent renewable energy platform has commenced commercial operations at its Atrisco Solar & Energy Storage project near Albuquerque, New Mexico. The project developed and constructed by Enlight's U.S. subsidiary Clenera, includes 364 MW of solar generation capacity and 1.2 GWh of energy storage capacity.
New Mexico Solar Array to Power 110,000 Homes
The Solar generation array is set to become fully operational in the coming weeks and the Energy Storage System (BESS) is anticipated to be operational before the end of the year. The power generated at Atrisco will be bought by the Public Service Company of New Mexico (PNM) through a 20-year power purchase agreement. The facility will produce clean energy equivalent to the average annual consumption of around 110,000 households in New Mexico.
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, reduce carbon emissions, economic development and create employment opportunities for the broader region,” said Gilad Yavetz, CEO of Enlight Renewable Energy.
Atrisco: Enlight’s Largest Project with Major Partners
Atrisco solar is Enlight's largest project by capacity and investment. During its construction, hundreds of engineers and skilled workers were employed. 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 at a total cost of $827 million with a net project cost of $407 million after-tax equity. In its first full year, 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.
The project secured $290 million in debt financing 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 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. 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 itself for rapid growth among US states. The US Solar Energy Industries Association (SEIA) projects that the state will add 5.6 GW of new capacity over the next five years, ranking it 12th in the nation.