Enlight Renewable Energy, a renewable energy platform, has announced the initial commencement of commercial operations at its Atrisco Solar & Energy Storage project located outside Albuquerque, New Mexico, the US.
The Project includes 364MW of solar generation capacity alongside 1.2 GWh of energy storage capacity, and was developed and constructed by Enlight’s US subsidiary, Clenera.
The solar generation array is anticipated to reach full commercial operation in the coming weeks, with the Energy Storage (BESS) component of the project expected to achieve commercial operation date (COD) before the end of the year. The power generated at Atrisco is being purchased by the Public Service Company of New Mexico (PNM) through a 20-year power purchase agreement. The clean energy produced by the facility will be equivalent to the average annual consumption of approximately 110,000 households in New Mexico.
Atrisco is the largest project developed by Enlight in terms of both capacity and capital expenditure. During its construction, the Project employed hundreds of engineers and skilled workers. The Engineering, Procurement, and Construction (EPC) contractor was RES Americas, while Miller Brothers serves as the operations and maintenance contractor. The project utilises solar panels from Runergy, trackers from Array Technologies Inc., string inverters from Sungrow, and Tesla supplied the energy storage system.
The total construction cost for Atrisco amounted to $827m, with the total project cost net of tax equity standing at $407m. The Project is expected to generate revenues of $51-55m and EBITDA of $41-45m in its first full year of operation.
As previously reported, financial close for the Energy Storage portion was achieved in July 2024, and for the Solar portion in December 2023. The Project has secured $290m in debt financing from a consortium of major American and international banks led by HSBC, along with $420m from tax equity partners Bank of America and US Bank. In connection with the Energy Storage financing, completed on 25 July 2024, the Company recycled $234m of equity back to its balance sheet. Enlight will provide $117m of long-term net equity to the project.
Enlight Renewable Energy CEO Gilad Yavetz said: “We are proud to see Clenera, our operational arm in the US, achieving the important milestone of Atrisco’s COD.
“Atrisco is a win-win venture for New Mexico’s economy, climate goals, and energy security, as well as for Enlight as a leading renewable energy developer and IPP. Atrisco’s electricity will be generated at an attractive price, reduce carbon emissions, and create economic development and employment opportunities for the broader region. Our additional clean energy projects in New Mexico and the Southwest – some being even larger than Atrisco – are at an advanced development stage. We look forward to commissioning these projects as well, further contributing to the region’s environmental wellbeing and economic prosperity.”
