Enlight to buy majority of solar developer Clenera at EV of USD 433m

Israeli renewables developer Enlight Renewable Energy Ltd (TLV:ENLT) has sealed a definitive deal to take control of US solar and storage company Clenera LLC at an enterprise value of up to USD 433 million (EUR 364m).

Enlight has agreed to buy a 90% stake in Clenera and leave the remaining shares to the founders of the US firm, namely Jason Ellsworth and Adam Pishl. The buyer will make upfront payments of USD 158 million along with future performance-based payments, it said.

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 direct current (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 of Clenera will grow Enlight's own development portfolio to more than 16 GW DC of solar and wind, and 7.5 GWh of energy storage in 11 countries.

In this deal, the buyer was advised by Nomura Greentech and Orrick Herrington & Sutcliffe LLP on financial and legal matters, respectively. DLA Piper served as legal counsel to Clenera.

(USD 1.0 = EUR 0.841)

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