CO Bar, One of the Largest Solar-Plus-Storage Projects in the U.S., Secures $2.6 Billion in Financing

Dimension News, Clēnera Holdings, the U.S. subsidiary of Israeli renewable energy developer Enlight Renewable Energy, has signed a debt financing framework agreement for the CO Bar complex project in Arizona, with total financing commitments of approximately $2.6 billion. The total investment for the project is estimated at $2.9 billion to $3.05 billion, including $1.705 billion in term debt and approximately $1.45 billion to $1.53 billion in tax equity proceeds.

The CO Bar complex consists of five sub-projects, with a combined photovoltaic capacity of approximately 1.2 GW and energy storage capacity of 4.0 GWh, developed under a 1 GW AC interconnection agreement. Among them, CO Bar 1 is a solar-plus-storage hybrid project (258 MW solar + 824 MWh storage), CO Bar 2 and 3 are pure solar projects (953 MW combined), and CO Bar 4 and 5 are standalone storage projects (approximately 3.2 GWh combined). Construction has fully commenced on the first three projects, with the latter two expected to start in the second half of 2026, and commercial operations to be phased in from the second half of 2027 to the first half of 2028.

The project has achieved 100% offtake through five long-term power purchase agreements, with offtakers being two major Arizona utilities, Salt River Project and Arizona Public Service, under 20-year contracts. Enlight expects the project to contribute $250 million to $260 million in revenue in its first full year of operation.

Enlight CEO Adi Leviatan stated: “CO Bar is a prime example of transforming a large-scale reserve project into a financeable, contractable, and executable asset. This financing is a strong vote of confidence in Enlight and Clēnera.” The financing syndicate consists of seven international financial institutions, including BNP Paribas, Crédit Agricole, MUFG Bank, Société Générale, and Wells Fargo.