Drafting vs. Engineering: Choosing the right partner for commercial projects

Enlight Renewable Energy (TASE&NASDAQ: ENLT), a leading global renewable energy company, announced that its U.S. subsidiary Clēnera Holdings has closed two tax equity partnership agreements for the Roadrunner Solar and Energy Storage Project, located near Tucson, Arizona.

The first agreement, with J.P. Morgan Chase Bank, N.A. (“J.P. Morgan”), covers the project’s 290 MW solar component and includes a tax equity contribution at COD, along with additional pay-go payments over the first 10 years of operation. The second agreement, with M&T Bank and First Citizens Bank, provides tax equity financing for the 940 MWh storage component at COD. Together, the two partnerships represent approximately $340 million in tax equity commitments at COD, expected to increase to nearly $390 million when including pay-go contributions. These transactions underscore the strength and quality of the Roadrunner project.

The Roadrunner project, a state-of-the-art co-located solar and energy storage project, involves a total investment of $621 million. The solar generation component has initiated production of test energy, and the project is expected to achieve full commercial operation by the end of 2025. Once fully operational, it is expected to generate annual revenues of more than $50 million in its first full operating year and EBITDA of approximately $40 million.

The solar component is expected to benefit from Production Tax Credits (PTC), while the storage component is expected to receive Investment Tax Credits (ITC). The project is expected to qualify for the 10% Energy Community Adder, further emphasizing the value of these partnerships.

All of Enlight’s U.S. projects to date are supported by BUSBAR power purchase agreements (PPAs) with investment-grade offtakers, providing long-term, stable revenues for the company. Roadrunner is backed by a 20-year PPA with the Arizona Electric Power Cooperative, ensuring a reliable, low-cost source of energy for member-consumers.

Co-located solar and energy storage projects are a cornerstone of Enlight’s strategy, enabling reliable delivery of clean electricity together with critical flexibility to the grid. Enlight’s substantial portfolio in the United States positions the company as a leader in large-scale clean energy deployment. Roadrunner adds to this momentum as a flagship utility-scale co-located solar and energy storage project, now advancing toward operation across leading U.S. power markets.

Eric Heintz, M&T Bank Managing Director, Energy and Infrastructure Finance: “M&T Bank is proud to partner with Clēnera, Enlight, and First Citizens Bank on the Roadrunner project, which represents one of the most significant co-located solar and storage developments in the U.S. This investment underscores our commitment to advancing battery energy storage as a critical enabler of grid stability and resilience. By helping accelerate the deployment of projects like Roadrunner, we are strengthening America’s domestic energy supply and supporting the country’s leadership in the global clean energy transition.”

Gilad Yavetz, CEO of Enlight: “We thank J.P. Morgan, M&T Bank and First Citizens Bank for their confidence in Enlight through these transactions. We appreciate the trust that J.P. Morgan has consistently placed in us, and we are pleased to deepen our partnerships with M&T Bank and First Citizens Bank. These partnerships reflect the confidence of leading financial institutions in our robust portfolio of projects and in our ability to deliver at scale, further positioning Enlight at the forefront of the clean energy transition.”

Jared McKee, incoming CEO of Clēnera: “We continue to see success and growth in our Enlight/Clēnera U.S. platform. We are appreciative of our partnership with leading banks in the industry and the value they see in partnering with us. The energy market continues to demonstrate a high demand for new power sources, and our projects are delivering on that need. We will continue to build up America’s future energy resources and cultivate a future of responsible energy independence.”

Enlight | www.enlightenergy.co.il

Graphenix Development Inc. (GDI), a Rochester-based battery materials company, is advancing its mission to re-shore critical battery components, and utilize US-based critical minerals for Nextgen Li-ion Batteries. GDI was awarded a $100,000 SuperBoost grant, which will accelerate its ongoing partnership with The Energy Storage Engine in Upstate New York, to commercialize its 100% silicon anode technology. GDI is spearheading development of a new prelithiation method to improve the durability of its 100% silicon anode lithium-ion batteries, which is a breakthrough that has the potential to transform both performance and supply chain resilience in the U.S. and build the New York State battery ecosystem. This will be leveraged in collaboration with a XTECH Army $1.9M contract for Li-ion cell development for Defense applications.

Just in the past few months, China has imposed new export restrictions on critical battery and rare earth materials, sharpening an already urgent threat to the U.S. supply chain. The US is currently dependent on battery-grade graphite from China (controls 94% of the global supply), a risk that touches every sector relying on lithium-ion batteries: defense, eMobility, consumer electronics, and medical devices. GDI’s 100% silicon anode eliminates the need for graphite entirely and can be manufactured domestically using a NATO-aligned supply chain. Leveraging AGC’s proprietary high throughput PECVD process, GDI deposits a silicon coating directly onto copper foil, removing powders, binders, and solvents from the equation, offering a faster-charging, higher-density, and U.S.-controlled alternative to the status quo. This production method can be scaled cost effectively in the US to combat its supply chain insecurities.

Despite securing more than $10 million in recent private investment, GDI’s leadership emphasized the importance of working alongside the Engine to accelerate progress in New York and build momentum for regional growth. By collaborating with academic partners including Rochester Institute of Technology (RIT), Cornell University, and Binghamton University, GDI is validating its technology across testbeds and preparing for scaled production in the state.

Rob Anstey, CEO of GDI, commented, “This partnership with the Engine is not just about funding, it’s about showing the world that the U.S. can lead in battery innovation and production. We’ve built our headquarters in Rochester and we’re scaling here because we believe in New York’s role in securing America’s energy future. The Engine helps us move faster, validate critical technologies, and connect with partners who can turn innovation into impact.”

“Range and charge anxiety are two of the biggest barriers to EV adoption in the U.S.,” Anstey continued. “With this project, we’re creating a battery that can deliver 500-miles of range and fast-charge 250 miles in 15 minutes, again and again, over 150,000 miles of use. That’s what will move the market.”

Dr. Fernando Gómez-Baquero, Director of the Translation Pillar at The Energy Storage Engine in Upstate New York, noted, “GDI is tackling one of the most persistent challenges in the battery world: cycle life for silicon anodes. Through our support, they’re not just improving materials, they’re redefining what’s possible in American battery manufacturing.”

Dr. Meera Sampath, CEO of The Energy Storage Engine in Upstate New York, added, “SuperBoost was created to help companies like GDI compress the timeline between R&D and real-world deployment. Their commitment to growing in Upstate New York is exactly the kind of industry partnership we need to reclaim our leadership in clean energy and secure our national supply chains.”

As this project advances, GDI is poised to help establish Upstate New York as a cornerstone of American battery innovation, building cleaner, safer, and more resilient energy solutions for the nation’s future.

Graphenix Development I www.gdinrg.com

The Energy Storage Engine in Upstate New York | https://upstatenyengine.org

RS Group plc (LSE: RS1), a high-service global product and service solutions provider for industrial customers, announces a new three-year partnership with international development charity SolarAid. Together, RS Group and SolarAid aim to raise $1.17 million (£1 million) to deliver clean, safe solar lighting to 150,000 people living in rural communities across Africa without access to electricity.

The partnership forms a central part of RS Group's 2030 ESG action plan and champions the shared ambition to "make amazing happen for a brighter world." By combining corporate donations, matched funding, RS PRO product contributions, employee fundraising, and gifts in kind, RS Group will help accelerate SolarAid's mission to create thriving solar businesses that tackle poverty and climate change.

Just one solar light benefits every member of the household, leading to a 90% reduction in kerosene, candles, and torches and a 95% reduction in energy costs, and enabling children to study safely after sunset. It also reduces carbon emissions, supporting the transition to renewable energy. A paraffin candle emits three times its weight in CO2, and a kerosene lamp emits over a ton of carbon every three years.

Employee engagement at the heart of the partnership
RS and SolarAid are closely aligned as providers of products and solutions that support the low-carbon transition with a focus on renewables. As a leader in industrial MRO services, the RS team's expertise will directly support SolarAid's global and local repair programs, helping to create a circular solar economy in off-grid communities. RS employees worldwide will be encouraged to get involved through skills-based volunteering, fundraising challenges, and awareness-raising activities. Planned initiatives include:

• Skills-based volunteering: RS experts will seek to support SolarAid projects, such as improving its Repair App, which helps communities extend the life of solar lights and reduce waste through simple repairs.
• On-the-ground engagement: Opportunities to visit SolarAid-supported communities in Malawi and Zambia, as well as welcoming SolarAid representatives to RS markets for live demonstrations.
• Night Without Light: An awareness initiative where employees spend a night without electricity, experiencing the challenges faced by off-grid communities.
• Active for Change: A global fundraising challenge where employees raise money by logging physical activity in teams.

RS employees are entitled to two annual volunteering days, and the company aims to inspire 50% of colleagues to use this time to support their communities and the SolarAid partnership.

Bridging ambition with proven impact
SolarAid's recent, remarkable achievement in Kasakula, Malawi, underscores the partnership's potential. On August 26, 2025, 100% of households, all local schools, and the health clinic in Kasakula gained solar access through the Light a Village initiative — highlighting what's possible when communities, charities, and partners align around a bold, shared goal.

A brighter future through collaboration
"We are proud to partner with SolarAid on this important mission," said Andrea Barrett, Chief Sustainability Officer at RS Group. "Access to clean, safe solar lighting is a powerful catalyst for education, safety, and opportunity. By combining the passion of our people with the innovation of our customers and suppliers, we can make amazing happen for communities that need it most. The success in Kasakula is a living proof point. Achieving 100% access in one of the world's poorest and most remote regions shows that universal energy access is not just achievable, but scalable."

"We are delighted to be working in partnership with RS Group," said John Keane, CEO of SolarAid. "From the very start, our shared purpose and alignment have been clear. Like RS Group, we strive to innovate the best solutions for our customers so that we can deliver sustainable energy access. We are incredibly excited by the huge opportunity we have together, to progress our mission and to bring clean, safe lighting and power to those living in the most remote, hardest to reach communities. Together, we really will make amazing happen for a brighter world."

Driving long-term impact
The partnership builds on RS Group's track record of impactful collaborations, including raising nearly $1.17 million (£1 million) for The Washing Machine Project since 2020. By focusing on engagement opportunities for employees, customers, and suppliers, RS Group and SolarAid aim to create a movement of shared purpose and innovation. To amplify the collective impact, RS Group will match donations and funds raised by employees, further reinforcing its commitment to empowering communities.

RS Group | https://www.rsgroup.com 

SolarAid | http://solar-aid.org

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement with insurance vehicles and accounts managed by KKR, a leading global investment firm, for the sale of 50% of a 1.4 GW solar portfolio in North America. This transaction – which aligns with TotalEnergies’ renewables business model – values the portfolio at an enterprise value of $1.25 billion. Thanks to these transactions and the bank refinancing currently being finalized, TotalEnergies will receive a total of $950 million at closing.

The transaction covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, primarily situated in the United States. The electricity production of these projects has either been sold to third parties or will be commercialized by TotalEnergies.

TotalEnergies will keep a 50% stake in the assets and continue to operate them after the closing of this transaction, which is subject to customary conditions.

“We are pleased to enter into this new strategic partnership with KKR in North America, a key deregulated electricity market to expand our integrated business model”, said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies. “Aligned with our strategy, this transaction unlocks value from newly commissioned assets and further strengthens the profitability of our Integrated Power business.”

“TotalEnergies is a renewable energy industry leader globally, and we are thrilled to establish this joint venture with the TotalEnergies team to support their renewables business”, said Cecilio Velasco, Managing Director, KKR. “We have long been investors in renewables through our infrastructure platform, having committed more than $23 billion to date in energy transition investments. TotalEnergies’ North American solar portfolio is a great fit for us, representing high-quality renewable energy assets with long term contracts.”

TotalEnergies’ Integrated Power Business Model

TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. To achieve the 12% profitability target it sets for its Integrated Power business, TotalEnergies divests up to 50% of its renewable assets once they reach commercial operation date (COD) and are derisked, allowing the Company to maximize asset value and manage risks.

TotalEnergies | https://totalenergies.com/

Avangrid, Inc., a leading energy company and member of the Iberdrola Group, announced Iberdrola’s plan to invest $18.5 billion in the United States by 2028, with the majority of investment directed toward grid and gas infrastructure. The investment plan, announced at Iberdrola’s Capital Markets Day on September 24, 2025, builds on Avangrid’s ongoing commitment to invest, rebuild and strengthen grid and gas infrastructure across its New York and New England utility companies, which serve more than 3.4 million customers.

“With our commitment to invest $18.5 billion in the U.S. energy sector, Avangrid is focused on building and strengthening the infrastructure that unlocks innovation, drives economic growth, and secures the nation’s energy future,” said Avangrid CEO Jose Antonio Miranda. “As we continue to see advanced manufacturing and data center growth, demand for reliable energy infrastructure has never been greater. Avangrid’s $18.5 billion investment plan ensures the grid will support growing energy demand today, make it more resilient and accelerate economic competitiveness into the future.”

The capital investment plan will further reinforce Avangrid’s role as a leader in America’s energy dominance by focusing on rebuilding and replacing aging infrastructure in electric and gas utilities, expanding capacity for Data Centers and large development projects, avoid increasing storm restoration costs, and provide more energy production for customers in key states including New York, Maine and Connecticut. Continuing Avangrid’s commitment to providing the highest level of service to our customers, the investments will also harden grid infrastructure to increase resiliency against severe storms and lessen outages.

Avangrid’s investments have already supported over 70,000 U.S. jobs and added $10 billion to the nation’s GDP, strengthening communities and driving innovation. Avangrid is empowering people and communities by training workers for the energy careers of the future, helping local businesses and suppliers benefit from new economic opportunities, and expanding access to energy solutions for families nationwide.

Avangrid employs approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies – a ranking of America’s best corporate citizens – in 2025 for the fifth consecutive year. The company was named among the World’s Most Ethical Companies in 2025 for the seventh consecutive year by the Ethisphere Institute. Avangrid is committed to providing a safe and healthy workplace and has embedded a safety-first culture across its operations. This focus on safety, inclusion, and respect fuels high employee satisfaction and strengthens the company’s ability to deliver reliable service to 3.4 millions of customers every day.

With more than 10.5 gigawatts (GW) of generation capacity in 24 states and assets including gas and electric utilities throughout the northeast, Avangrid serves over 6 million homes and businesses across the U.S. Avangrid continues to expand its energy portfolio investing heavily in U.S. grid energy infrastructure.

Avangrid | http://www.avangrid.com

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is pleased to announce the acquisition of a 49% interest in a portfolio of three operating Ontario-based wind projects totaling approximately 235 megawatts (MW) of gross capacity from NextEra Energy Resources, LLC (Energy Resources). With this investment, CC&L Infrastructure's renewable energy portfolio now represents nearly 2.4 gigawatts (GW) of gross capacity, including more than 1.2 GW of wind capacity across 10 distinct assets diversified by market, counterparty, jurisdiction, and wind regime.

Adelaide Wind, Bornish Wind and Goshen Wind (the Projects), are located in southern Ontario and have gross capacities of approximately 60 MW, 73 MW and 102 MW respectively, together generating energy equivalent to the annual consumption of over 200,000 Ontario households. All of the energy generated by the Projects is sold under 20-year Power Purchase Agreements (PPAs) to the Independent Electricity System Operator (IESO) (rated Aa3 by Moody's). Energy Resources will retain a 51% ownership in the Projects and will continue to manage and operate the assets going forward.

"This acquisition further advances our strategy of building a resilient, long-term portfolio of infrastructure assets underpinned by strong counterparties and stable cash flows," said Matt O'Brien, President of CC&L Infrastructure. "These projects strengthen our presence in the Ontario renewable market and demonstrate our commitment to responsible investment in projects that deliver attractive risk-adjusted returns."

The Projects provide meaningful long-term economic contributions to the communities in which they operate through property taxes and direct funding. The Projects also have community benefit agreements in place with several local Indigenous groups.

"This transaction reflects both the strong fundamentals we continue to see in the Canadian renewables market and the ability of our team to execute on complex acquisitions with leading industry partners," said Eric Reidel, Managing Director of CC&L Infrastructure. "We are pleased to have worked collaboratively with Energy Resources to complete this transaction, which highlights our relationship-driven approach to sourcing opportunities that add long-term value to our portfolio."

CIBC Capital Markets served as CC&L Infrastructure's financial advisor on the transaction and Torys LLP served as its legal counsel.

Connor, Clark & Lunn Infrastructure | https://cclinfrastructure.cclgroup.com/

Energy Storage Canada (ESC) recognized the contributions of six outstanding leaders and innovators on the evening of September 25 at the fourth annual Energy Storage Canada Awards. Presented during the evening reception at ESC's 10thannual conference in Toronto, the recipients were celebrated for their contributions to the industry as part of advancing energy storage deployment and technology as an essential cornerstone of Canada's future energy.

The first award selected by ESC's Board of Directors, the 2025 Energy Storage Trailblazer Award, was presented to Barbara Ellard, Director of Resource System Adequacy, at Ontario's Independent Electricity System Operator (IESO). The award recognizes individuals whose leadership exceeds organizational mandates to shape the sector at large. Barbara's leadership and vision related to the early integration of long duration energy storage (LDES) have been instrumental in the deployment of Ontario's first procurement for LDES assets, one of the first procurements of its kind worldwide.

The 2025 Friend of Energy Storage Award, the second board-selected award, was presented to the Canada Infrastructure Bank (CIB). The award honours an individual or organization outside of the storage industry that has demonstrated staunch support for the sector or played a critical role in enabling its growth. The CIB was recognized for its financial leadership, enabling transformative energy storage projects in several locations across Canada, affirming their bankability and scalability, to accelerate storage deployment nationwide to the benefit of all Canadians.

Reflecting on the evening, Justin Rangooni, Executive Director of Energy Storage Canada, noted: "The 2025 Energy Storage Canada Award recipients showcase the innovation, leadership, and collaboration driving storage to the heart of Canada's clean energy transition. Our recently published Energy Storage Market Outlook projects as much as 37 gigawatts (GWs) of long and short duration will be needed to meet Canada's energy demand between now and 2050. We're excited to continue highlighting the incredible projects that are leading the way."

The 2025 Foundational Research in Energy Storage Award, a new category introduced this year, was presented to JL Richards & Associates. The firm was recognized for their study of the integration of Photovoltaic (PV) systems and battery energy storage systems (BESSs) alone and together, in a residential context. Finding no singular guidelines or standard for residential use, in combination with software and modelling gaps, the report provides a clear framework and use cases for PV & BESS systems in the residential context, providing a centralized resource of reliable information for policymakers, regulators, and developers in the field.

The 2025 Grid Management Storage Award, also introduced this year, went to BluWave-ai. Their EV Everywhere project with Hydro Ottawa combines AI with real-time data from the grid, EVs, and batteries to identify the best time to charge or pause charging, relative to considerations such as energy cost, emissions, and grid stress. Their project demonstrates the potential for advanced intelligence to modernize our electricity grids and to unlock the full potential of the storage assets at our disposal.

The 2025 Landmark Application of Energy Storage Award was awarded to Enwave Energy Corporation for their recent project as part of The Well – a mixed-use community in Toronto's King West Neighbourhood. As part of this community development Enwave pioneered an 8-million litre Thermal Energy Storage (TES) tank located six levels underground and stores chilled or heated water produced using off-peak electricity and discharges it during electricity system peaks to efficiently heat and cool buildings while reducing demand on the electricity grid. The project exemplifies how creative engineering, and partnerships can push the boundaries of storage applications in Canada.

Finally, the 2025 Energy Storage Milestone Award was presented to Oneida Energy Storage LP. The Oneida project, a 250 MW/1,000 MWh battery facility now operating in Ontario, is currently the largest of its kind in Canada. At the time of submission, the facility was already delivering its full 1000 MWh capacity during peak demand on some of the hottest days, making it a major milestone for the industry in demonstrating the transformative contributions of large-scale storage projects for Canadian electricity grids.

Launched in 2022 as part of ESC's national annual conference, the Energy Storage Canada Awards celebrate leadership, ingenuity, and impact of the industry as storage scales up to play a central role in Canada's Net Zero future. The call for nominations for the 2026 Energy Storage Canada Awards will open in Spring 2026

Energy Storage Canada | https://www.energystoragecanada.org/