Clēnera, the US subsidiary of Enlight Renewable Energy, has obtained $304m in financing for the Crimson Orchard solar and energy storage project in Elmore County, Idaho.
The financing was provided by HSBC, ING Capital, KeyBanc Capital Markets and MUFG Bank.
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Crimson Orchard will include 120MW of solar power generation and 400 megawatt-hours (MWh) of battery storage.
Construction is under way, with commercial operation planned for the first half of 2027.
Enlight estimates the total project investment at between $326m and $342m. Tax equity proceeds are projected at $160m–170m, while investment net of tax equity is expected to be between $162m and $172m.
During its initial full year of operation, the company forecasts revenue of between $27m and $28m and earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately $20m–21m.
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By GlobalDataThe project has secured a 20-year busbar solar power purchase agreement and a separate energy storage tolling agreement for the same period with Idaho Power. These contracts provide long-term revenue certainty for Crimson Orchard.
The site covers around 528 acres on private land currently used for seasonal grazing and crop production.
Enlight CEO Adi Leviatan said: “This achievement underscores Enlight’s successful track record of project development and robust financing for our US portfolio.
“We are proud to once again collaborate with a group of high-quality global lenders whose partnership enables us to advance innovative renewable energy projects like Crimson Orchard. Their continued trust and support reflect the strength of our strategy and the impact we strive to make in the clean energy transition.”
Once operational, Crimson Orchard is expected to supply energy for more than 25,000 homes in Idaho.
The combination of solar generation with battery storage aims to improve grid reliability by storing surplus energy for use during peak demand or low production periods.
In April 2025, Enlight finalised financing for the Quail Ranch project near Albuquerque, New Mexico, securing $243m in construction loans through its US subsidiary Clēnera Holdings.
