Cl?nera, an Enlight Company, Closes on Financing for Montana Utility-Scale Solar Project

Cl?nera, an Enlight company (TASE: ENLT), is pleased to announce the closing of construction and tax equity financing for the 105 MWdc Apex Solar project located in Beaverhead County, Montana. The energy generated by the solar facility when the sun is shining will provide NorthWestern Energy's Montana customers with additional carbon-free power through a long-term power purchase agreement, which will contribute to the energy company's sustainability goals. The Renewable Energy Credits generated by the project will be sold separately, providing additional revenues to the project. The Apex Solar project will be among the largest utility-scale solar projects completed in the state to date.

Bank of America, one of the largest global banks in the U.S. and a leader in financing renewable energy projects in the U.S., and NORD/LB, a German bank active in renewable energy financing in Europe and the U.S., will fund the project through a construction loan.

"We are proud to work with Cl?nera and our partners to close this construction financing. This transaction demonstrates another important milestone in solar and clean energy development and is an integral part of Bank of America's broader $1.5 trillionsustainable finance commitment by 2030," said Omer Farooq, Managing Director in the Global Sustainable Finance Group at Bank of America. 

"We are delighted to partner with Cl?nera in financing Apex Solar, the first project that Cl?nera will construct in Montana and one of the largest utility-scale solar projects in the state. Cl?nera has a robust pipeline of future renewable projects, and we look forward to growing our relationship with them," said Nicolai Dillow, Head of Structured Finance Originations for NORD/LB's New York Branch.

Huntington National Bank, one of the largest U.S. regional banks and a highly experienced lender in sale-leaseback financing, will provide long-term financing via sale and leaseback tax equity financing for Apex Solar following commercial operations. Cl?nera's approach to this financing is unique in that the tax benefits and long-term financing will be combined in a single transaction – a practice sought after in the U.S. and in the utility-scale solar industry.

"Huntington is excited to support Cl?nera with this unique financing solution for Apex," said Christiaan Bouhuijs, the bank's managing director of renewable energy finance. "Our 25-year lease structure enables Cl?nera to recognize up-front value while providing long-term low-cost financing certainty. We also look forward to supporting additional utility-scale projects for Cl?nera in the near future."

"These transactions represent Cl?nera and Enlight's strategic financing capabilities," said Jason Ellsworth, CEO at Cl?nera. "Together with valued partners, we are working to complete 12 GWdc in solar, while further expanding our pipeline and rapidly growing our energy storage business."

"Apex Solar will be one of the largest utility-scale solar projects in the state of Montana, with its construction facilitated by some of the leading financial institutions in the U.S." Nir Yehuda, Enlight's Chief Financial Officer, said. "This project will benefit from competitive spreads and an enhanced return on equity by virtue of these partnerships. It is encouraging to also observe the tailwinds in U.S. renewable energy, fueled by the U.S. government's support."

Greenberg Traurig, LLP served as legal counsel to Cl?nera, and Paragon Energy Capital acted as Cl?nera's exclusive tax equity advisor on the transaction. Apex Solar is expected to reach commercial operations in the second quarter of 2023.

Cl?nera | www.clenera.com

Enlight Renewable Energy | https://enlightenergy.co.il