Clenera secures financing for 105-MW solar project in Montana

US solar and storage developer Clenera LLC, a subsidiary of Israeli renewables developer Enlight Renewable Energy Ltd (TLV:ENLT), on Thursday said it has closed financing for its 105-MW DC Apex Solar project in Montana.

The facility, located in Beaverhead county, will supply electricity to NorthWestern Energy's customers in the state under a long-term power purchase agreement (PPA), with the renewable energy credits to be sold separately.

Bank of America and German lender NORD/LB will provide a construction loan for the project, while Huntington National Bank will provide long-term financing in the form of sale and leaseback tax equity financing following commercial operations. The solar power plant is expected to go online in the second quarter of 2023.

Apex Solar is the first project that Clenera will built in Montana and will be among the largest utility-scale solar projects in the state.

"Together with valued partners, we are working to complete 12 GW DC in solar, while further expanding our pipeline and rapidly growing our energy storage business," said Clenera chief executive Jason Ellsworth.

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