Clēnera secures $304 million for Crimson Orchard solar and storage project in Idaho

Enlight Renewable Energy’s U.S. subsidiary, Clēnera, has finalized $304 million in financing for a major hybrid energy site. The project combines 120 MW of solar capacity with 400 MWh of battery storage, backed by 20-year off-take agreements with Idaho Power and a consortium of global lenders.

A consortium of international financial institutions, including HSBC, ING Capital, KeyBanc, and MUFG Bank, has committed $304 million in construction and term debt to the Crimson Orchard renewable energy project. According to official disclosures, the facility is being developed by Clēnera, the U.S. arm of Enlight Renewable Energy. Enlight is a global independent power producer headquartered in Israel that specializes in large-scale solar, wind, and energy storage projects across three continents. Located in Elmore County, Idaho, the site integrates 120 MW of solar generation with a 400 MWh energy storage system.

This development is significant as it addresses the increasing demand for dispatchable renewable energy in the Pacific Northwest. By pairing solar with high-capacity storage, the project mitigates intermittency issues, allowing for more reliable grid contributions. The total investment is valued between $326 million and $342 million, with tax equity expected to cover approximately $160 million to $170 million of the cost. For the regional utility sector, the project provides long-term price stability via 20-year power purchase and energy storage tolling agreements with Idaho Power.

For investors, the financial structure highlights the continued viability of the 'safe harbor' strategy for capturing tax credits, which Clēnera utilized for this development. Scheduled for commercial operation in the first half of 2027, the facility is projected to generate annual revenues of up to $28 million and EBITDA of approximately $21 million, signaling robust margins for utility-scale hybrid assets in the current U.S. regulatory environment.