Enlight closes Clenera acquisition, agrees to buy 490-MW Spanish pipeline

Solar panels. Source: Enlight Renewable Energy (www.enlightenergy.co.il).

August 3 (Renewables Now) - Israeli renewables developer Enlight Renewable Energy Ltd (TLV:ENLT) today announced the completion of its acquisition of Clenera LLC and a deal to buy a Spanish solar project portfolio totalling 490 MW in direct current (DC).

As unveiled in late June 2021, Enlight agreed to take control of US solar and storage company Clenera at an enterprise value of up to USD 433 million (EUR 365m). Today, the Israeli firm said it has closed the purchase of a 90.1% stake in Clenera, making initial payments of USD 158 million. Furthermore, Enlight will pay up to an additional USD 232 million in performance-based instalments until 2025.

Boise, Idaho-based Clenera acquires, develops, builds and manages utility-scale solar farms and energy storage facilities throughout the US. To date, it has successfully developed and constructed utility-scale solar plants with a total DC capacity of about 1.6 GW. Presently, it is developing a portfolio of 12 GW DC of solar and 5.5 GWh of energy storage in 20 states.

The acquisition significantly expands Enlight's portfolio to 16.8 GW DC and 7.5 GWh of energy storage, the company noted.

Also on Monday, Enlight said it has signed a deal to purchase 10 projects in two Spanish regions, namely Andalucia and Valencia, held through special purpose companies that hold most of the rights to the land for construction and the grid-connection approvals. It will be buying these schemes from an affiliate of the private investment fund Cerberus Capital Management LP for up to EUR 49 million (USD 58.2m), subject to achieving certain milestones. On average, Enlight is seen to pay between EUR 85,000 and EUR 100,000 per MW DC upon completion of the development.

Local firm Renovalia Energy Group SLU is taking care of the development of these Spanish projects, the announcement says.

(USD 1.0 = EUR 1.188)

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