Enlight Renewable Energy’s US subsidiary Clēnera Holdings reached financial close on the CO Bar Complex on June 25, signing roughly $2.6 billion in debt financing across a seven-bank syndicate. The complex sits in northern Arizona and is sized at 1.2 GW of solar generation paired with 4.0 GWh of energy storage across five projects. It is the largest financing Enlight has ever closed and one of the largest single-site solar-plus-storage projects financed in the US this cycle.
What is in the package
Financing splits into $1.70 billion in term debt plus $1.45 to $1.52 billion in expected tax equity. Lenders include BNP Paribas, Crédit Agricole CIB, MUFG, Natixis, Nord/LB, Société Générale, and Wells Fargo. The full complex is anchored by a single 1 GW AC interconnection agreement, which Enlight is using to cluster five sub-projects under one connection point. CO Bar 1, 2, and 3 are already in construction. Sites 4 and 5 are expected to fully mobilize in 2H 2026.
Revenue side: the complex is fully subscribed across five offtake agreements with Salt River Project and Arizona Public Service, structured as 20-year solar PPAs and accompanying energy storage agreements. That is contracted revenue across the full debt tenor on a single combined asset.
Why this matters for the supply chain
Three structural points.
First, this is contracted utility offtake at scale in one of the three US states (Arizona, Texas, California) absorbing roughly 80 percent of 2026 storage capacity additions. Arizona alone is on track for about 3.2 GW of new utility storage this year, per EIA. CO Bar’s 4 GWh adds materially to that base and locks in a buyer for the 2027-28 deployment year.
Second, the interconnection structure is the model worth watching. Anchor a large grid connection, then layer multiple solar and storage subprojects under the same point. That sidesteps the single biggest US deployment bottleneck (interconnection queue times) by treating it as a procurement constraint and front-loading it once. Expect more of this from developers with portfolio depth.
Third, seven global banks underwriting $1.7 billion of term debt against utility offtake is the lithium-iron-phosphate cathode demand signal that gets ignored. 4 GWh of installed storage in 2027-28 is a multi-thousand-tonne pull on lithium carbonate equivalent at modern energy densities, and it is now financed paper, not a press release.
What to watch
The CO Bar timeline puts cells and racks on-site through 2026 and 2027. Watch which cell suppliers Enlight discloses, particularly any disclosure of domestic-content sourcing under the 45X production credit and 48E investment credit. Domestic content qualification at this scale changes the per-MWh tax equity math for every comparable project still working its capital stack.