Enlight Secures Nearly $340 Million in Tax Equity Partnerships for Roadrunner Solar and Energy Storage Project

Roadrunner signs two separate tax equity partnerships: J.P. Morgan for solar, and M&T Bank together with First Citizens Bank, for energy storage

Roadrunner, a 290 MW solar and 940 MWh storage project in Arizona, has initiated production of test energy and is expected to reach full COD by the end of 2025

Enlight strengthens its U.S. growth strategy, collaborating with new financing partners to support a robust project pipeline across leading power markets

TEL AVIV, Israel, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ((TASE&, NASDAQ:ENLT), a leading global renewable energy company, announced today that its U.S. subsidiary Clēnera Holdings has closed two tax equity partnership agreements for the Roadrunner Solar and Energy Storage Project, located near Tucson, Arizona.

The first agreement, with J.P. Morgan Chase Bank, N.A. ("J.P. Morgan"), covers the project's 290 MW solar component and includes a tax equity contribution at COD, along with additional pay-go payments over the first 10 years of operation. The second agreement, with M&T Bank and First Citizens Bank, provides tax equity financing for the 940 MWh storage component at COD. Together, the two partnerships represent approximately $340 million in tax equity commitments at COD, expected to increase to nearly $390 million when including pay-go contributions. These transactions underscore the strength and quality of the Roadrunner project.

The Roadrunner project, a state-of-the-art co-located solar and energy storage project, involves a total investment of $621 million. The solar generation component has initiated production of test energy, and the project is expected to achieve full commercial operation by the end of 2025. Once fully operational, it is expected to generate annual revenues of more than $50 million in its first full operating year and EBITDA of approximately $40 million.

The solar component is expected to benefit from Production Tax Credits (PTC), while the storage component is expected to receive Investment Tax Credits (ITC). The project is expected to qualify for the 10% Energy Community Adder, further emphasizing the value of these partnerships.

All of Enlight's U.S. projects to date are supported by BUSBAR power purchase agreements (PPAs) with investment-grade offtakers, providing long-term, stable revenues for the company. Roadrunner is backed by a 20-year PPA with the Arizona Electric Power Cooperative, ensuring a reliable, low-cost source of energy for member-consumers.

Co-located solar and energy storage projects are a cornerstone of Enlight's strategy, enabling reliable delivery of clean electricity together with critical flexibility to the grid. Enlight's substantial portfolio in the United States positions the company as a leader in large-scale clean energy deployment. Roadrunner adds to this momentum as a flagship utility-scale co-located solar and energy storage project, now advancing toward operation across leading U.S. power markets.

Eric Heintz, M&T Bank Managing Director, Energy and Infrastructure Finance: "M&T Bank is proud to partner with Clēnera, Enlight, and First Citizens Bank on the Roadrunner project, which represents one of the most significant co-located solar and storage developments in the U.S. This investment underscores our commitment to advancing battery energy storage as a critical enabler of grid stability and resilience. By helping accelerate the deployment of projects like Roadrunner, we are strengthening America's domestic energy supply and supporting the country's leadership in the global clean energy transition."

Gilad Yavetz, CEO of Enlight: "We thank J.P. Morgan, M&T Bank and First Citizens Bank for their confidence in Enlight through these transactions. We appreciate the trust that J.P. Morgan has consistently placed in us, and we are pleased to deepen our partnerships with M&T Bank and First Citizens Bank. These partnerships reflect the confidence of leading financial institutions in our robust portfolio of projects and in our ability to deliver at scale, further positioning Enlight at the forefront of the clean energy transition."

Jared McKee, incoming CEO of Clēnera: "We continue to see success and growth in our Enlight/Clēnera U.S. platform. We are appreciative of our partnership with leading banks in the industry and the value they see in partnering with us. The energy market continues to demonstrate a high demand for new power sources, and our projects are delivering on that need. We will continue to build up America's future energy resources and cultivate a future of responsible energy independence."

About Enlight

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (NASDAQ: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

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This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company's expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. 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