Business Context and Reporting Period
This Form 6-K filing by Enlight Renewable Energy Ltd. is dated June 25, 2026. The report announces the financial close of a debt financing framework for the CO Bar Complex, a portfolio of five solar and energy storage projects located in Arizona, USA. The Complex has a total capacity of approximately 1.2 GW of solar power and 4.0 GWh of energy storage. All projects were safe harbored in 2025, with construction fully mobilized for projects 1-3 and expected for projects 4-5 in the second half of 2026.
Key Financial Metrics and Capital Structure
The filing details the financing and projected operational metrics for the CO Bar Complex:
- Debt Financing: Secured construction financing commitments totaling $2,622 million from a syndicate including Wells Fargo, BNP Paribas, and others.
- Interest Rate: All-in interest rate of 5.9%.
- Loan Structure: Construction loans convert to term loans upon Commercial Operation Date (COD). Solar components have a 25-year amortization tenor; storage components have a 20-year tenor. Loans are structured as "mini-perm" with full repayment five years post-COD.
- Projected Investment: Total complex investment estimated between $2,900 million and $3,045 million.
- Projected Tax Equity: Estimated proceeds between $1,450 million and $1,525 million.
- Net Investment: Estimated between $1,450 million and $1,520 million after tax equity.
- Projected First-Year Performance: Revenues of $250-$260 million and EBITDA of $200-$210 million.
Note: The filing does not provide consolidated revenue, profit, cash flow, or debt figures for Enlight Renewable Energy Ltd. as a whole; data is specific to the CO Bar Complex project.
Material Changes and Project Status
CO Bar projects 1 and 2 have met conditions precedent for debt drawdown. Projects 3 through 5 are expected to satisfy conditions in the coming months. The filing notes that the total investment estimate reflects US tariffs known as of the reporting date, with actual costs potentially varying based on final tariffs and mitigation efforts. The Company serves as the parent guarantor for certain obligations under the financing agreements.
Outlook, Risks, and Contingencies
Outlook and Timeline:
- COD Expectations: Commercial Operation Dates are expected in the second half of 2027 and the first half of 2028.
- Tax Equity: An agreement with a tax equity partner is expected during 2027.
- Tax Credits: Projects are expected to be eligible for the 10% Energy Community bonus tax credit. The Company intends to pursue the 10% Domestic Content bonus tax credit for CO Bars 4 and 5.
- Offtake Agreements: Five total agreements exist, including 20-year busbar PPAs and ESAs with SRP and APS.
- Forward-Looking Statements: The filing contains extensive forward-looking statements regarding project timelines, financing terms, and financial projections, which are subject to risks and uncertainties.
- Operational Risks: Risks include construction delays, supply chain disruptions, interconnection issues, and weather-related impacts on generation.
- Regulatory and Geopolitical Risks: Risks include changes in renewable energy policies, expiration of government incentives, and the ongoing war in Israel where the Company is headquartered.
- Financial Risks: Exposure to interest rate fluctuations, currency exchange risks, and the ability to secure future financing on attractive terms.
Key Facts for Investor Verification
- Verify the actual drawdown of the $2,622 million debt facility for CO Bar projects 3-5.
- Monitor the execution of the tax equity partnership agreement expected in 2027.
- Track the impact of US tariffs on the final project costs versus the current $2,900-$3,045 million estimate.
- Confirm the achievement of Commercial Operation Dates (COD) in late 2027 and early 2028.
- Assess the Company's ability to secure the 10% Domestic Content bonus tax credit for projects 4 and 5.