hThe CO Bar Solar and Storage Complex in Arizona has secured approximately $2.6 billion in financing commitments, advancing a renewable energy development valued at between $2.9 billion and $3.05 billion. The five-project portfolio will deliver approximately 1.2 GW of solar generation capacity and 4.0 GWh of battery storage, making it one of the largest solar-plus-storage developments currently under construction in the United States.
Project developer Clēnera Holdings, the U.S. subsidiary of Enlight Renewable Energy, announced that a consortium of seven financial institutions has agreed to provide financing for the large-scale renewable energy complex. The financing package supports the development of five solar and energy storage projects connected through a shared 1 GW AC interconnection point in Arizona.
Enlight’s “Connect and Expand” strategy
Enlight is developing the CO Bar Complex under its “Connect and Expand” strategy. The approach uses a large grid connection to support multiple renewable energy projects. The company expects commercial operations to begin in phases between late 2027 and early 2028.
BNP Paribas Securities Corp., Crédit Agricole CIB, MUFG Bank, Natixis, Nord/LB, Societe Generale, and Wells Fargo Securities provided the financing commitments. The financing package includes approximately $1.705 billion in term debt. Tax equity proceeds could contribute between $1.45 billion and $1.525 billion.
Construction is already underway across much of the development. CO Bar 1, CO Bar 2, and CO Bar 3 have reached full mobilization. CO Bar 4 and CO Bar 5 should reach full mobilization in the second half of 2026.
The projects serve different roles within the portfolio. CO Bar 1 combines solar generation and battery storage. CO Bar 2 and CO Bar 3 are solar generation facilities. While CO Bar 4 and CO Bar 5 are standalone storage projects. Together, they will strengthen grid reliability and flexibility.
The complex is fully subscribed through five long-term offtake agreements. Salt River Project and Arizona Public Service signed the agreements. The contracts include 20-year solar power purchase and energy storage agreements. These agreements provide long-term revenue certainty for the development.
Financial Outlook for CO Bar Complex
Once operational, the CO Bar Complex will generate between $250 million and $260 million in annual revenue during its first full year of operation and deliver between $205 million and $210 million in EBITDA.
According to the company, CO Bar 1 and CO Bar 2 have already met the conditions required to access financing proceeds, while CO Bar 3, CO Bar 4, and CO Bar 5 should meet their financing conditions in the coming months.
Enlight plans to secure a tax equity partner in 2027. The company expects all five projects within the complex to qualify for the federal Energy Community bonus tax credit and intends to pursue the Domestic Content bonus tax credit for CO Bar 4 and CO Bar 5.
“Securing this financing for our largest project to date is a strong vote of confidence in Enlight and Clēnera, and in the quality of our U.S. portfolio,” said Adi Leviatan, Chief Executive Officer of Enlight Renewable Energy. “As electricity demand continues to grow, projects like CO Bar demonstrate the role we can play in delivering reliable, clean power at scale.”
Jared McKee, Chief Executive Officer of Clēnera, described the financing as the largest in the company’s history and said the completed development is expected to generate enough electricity to power nearly 220,000 homes across Arizona.
Meeting Rising Electricity Demand
The financing milestone positions the CO Bar Complex among the largest renewable energy developments currently moving through construction in the United States, highlighting continued investment in utility-scale solar generation and battery storage as electricity demand rises across the Southwest.
Additionally, the financing milestone comes as renewable energy developers continue advancing major projects across the United States. In Texas, Vesper Energy recently broke ground on the 201 MW Nazareth Solar Project in Swisher County, a utility-scale solar development expected to begin operations in Fall 2027. Together, the projects reflect continued investment in new generation capacity as electricity demand grows nationwide.
Project Factsheet: CO Bar Complex
Location: Arizona, United States
Developer: Clēnera Holdings / Enlight Renewable Energy
Project Type: Utility-scale solar and battery energy storage complex
Number of Projects: Five
Solar Capacity: 1.2 GW
Battery Storage Capacity: 4.0 GWh
Grid Interconnection: 1 GW AC
Total Project Investment: $2.9 billion–$3.045 billion
Financing Commitments: Approximately $2.6 billion
Term Debt: Approximately $1.705 billion
Expected Tax Equity Proceeds: $1.45 billion–$1.525 billion
Construction Status:
- CO Bar 1–3 fully mobilized
- CO Bar 4–5 expected to be fully mobilized in H2 2026
Offtakers:
- Salt River Project (SRP)
- Arizona Public Service (APS)
Contract Structure: Five long-term agreements, including 20-year solar power purchase and energy storage contracts
Expected Commercial Operations: Phased startup between H2 2027 and H1 2028
Expected First-Year Revenue: $250 million–$260 million
EBITDA Expected First-Year: $205 million–$210 million
Estimated Homes Powered: Approximately 220,000
Financing Consortium:
- BNP Paribas Securities Corp.
- Crédit Agricole CIB
- MUFG Bank
- Natixis
- Nord/LB
- Societe Generale
- Wells Fargo Securities
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