Israel-based energy company Enlight Renewable Energy has signed an agreement to acquire 90% of the shares of solar and storage developer Clēnera.

The transaction is being carried out through Enlight’s US subsidiary for an enterprise value of up to $433m.

Clēnera founders Jason Ellsworth and Adam Pishl will keep the remaining 10% shares in the company.

Enlight said that the consideration will be divided between upfront payments of $158m and future payments based on the company’s performance.

Enlight Renewable Energy CEO Gilad Yavetz said: “Clēnera’s culture, diversified portfolio and market leadership in the western US created a differentiated value proposition for Enlight and a unique partnership opportunity.

“This acquisition is a major step in establishing Enlight’s position as a global leader in renewable energy development and operation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

“Clēnera’s outstanding track record and market leadership will allow the unified companies to continue their rapid and profitable growth path.”

Clēnera has so far developed and built 1.6GWdc of utility-scale solar projects and is currently developing a portfolio of 12GWdc solar storage and 5.5GWh of energy storage across 20 US states.

The deal could increase Enlight’s solar and wind development portfolio to more than 16GWdc, as well as 7.5GWh of energy storage across 11 countries.

Clēnera co-founder and CEO Jason Ellsworth said: “Scale and efficiency have never been more important to success in US renewable development and operation.

“As part of Enlight’s global renewables platform, Clēnera’s ability to create high-performing solar and storage projects increases substantially. Enlight’s portfolio of renewable energy projects and its geographical footprint will grow.

“The combined teams are positioned to meaningfully expedite the global transition to renewables.”

For this transaction, Nomura Greentech served as financial advisor to Enlight while Orrick Herrington acted as the company’s legal counsel. DLA Piper was legal counsel to Clēnera.