Enlight Renewable Energy Secures $304 Million Financing for Crimson Orchard Project
Enlight Renewable Energy has secured $304 million in construction financing and term debt commitments for the Crimson Orchard project in Elmore County, Idaho. The financing commitments were provided by a group of leading global lenders: HSBC, ING Capital LLC, KeyBanc Capital Markets, and MUFG Bank, Ltd. Crimson Orchard is a co-located solar and energy storage project totaling 120 MW of solar power generation capacity and 400 MWh of energy storage capacity. The project is currently under construction and is expected to reach commercial operation during the first half of 2027. Crimson Orchard represents a total investment of $326-342 million, with estimated tax equity proceeds of $160-170 million and total project investment net of tax equity of $162-172 million. In its first full year of operation, the project is expected to generate $27-28 million in revenue and approximately $20-21 million in EBITDA. The project is backed by a 20-year busbar solar power purchase agreement and a 20-year energy storage tolling agreement with Idaho Power, providing long-term contracted revenues. The project was qualified for safe harbor status in 2025, as part of the 13 FGW1 that Enlight has successfully safe-harbored to date.
