11:25 AM EDT, 07/29/2024 (MT Newswires) -- Enlight Renewable Energy ( ENLT ) announced Monday the financial close for the energy storage portion of its Atrisco Solar and Energy Storage project near Albuquerque, New Mexico.

The $827 million project, combining 364 MW of solar capacity with 1.2 GWh of battery storage, will be financed by term debt of $290 million and $420 million of tax equity, with Enlight investing $117 million in equity, the company said.

Enlight's subsidiary Clenera Holdings secured a $401 million loan from a consortium of eight banks, led by HSBC. The loan will convert to a $185 million term loan and $222 million in tax equity from U.S. Bancorp Impact Finance upon project completion, according to the company statement.

Enlight said it anticipates recycling $234 million of equity to fund future growth.

Enlight shares fell 5.6% in recent trading.

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