Highlights
- The CO Bar Complex, one of the largest projects in the United States, totals approximately 1.2 GW of solar generation and 4.0 GWh of energy storage
- Expected to generate approximately USD 270 million from the sale of electricity in its first full year of operation
- The CO Bar Complex finalized the 1GW Interconnection Agreement and signed 20 years tolling agreement for additional 3.2GWh energy storage capacity
Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a leading global renewable energy developer and an independent power producer, today (Feb 2) announced it has reached major development milestones for the CO Bar Complex in Arizona, and is now advancing the project into full-scale execution.
Located in Arizona, the CO Bar Complex includes five stages, totaling 1.211 GW of solar power generation capacity and 4.0 GWh of energy storage capacity, placing it among the largest renewable energy projects in the United States. Across the five stages, CO Bar 1 includes 258 MW of solar generation and 824 MWh of energy storage. CO Bar 2 and CO Bar 3 add 480 MW and 473 MW of solar generation, respectively, while CO Bar 4 and CO Bar 5 are storage-only projects providing 1,600 MWh and 1,576 MWh of energy storage, respectively.
The expected total Complex investment is approximately USD 2,860 to 3,010 million, and the expected Complex investment net of tax benefits is approximately USD 1,550 to 1,630 million. The Complex is expected to generate approximately USD 264-278 million from electricity sales in its first full year of operation and to generate enough clean energy to power over 215,000 Arizona homes.
The CO Bar Complex has entered into a 1 GW AC Large Generator Interconnection Agreement. Additionally, the company also recently signed two 20-year busbar Energy Service Agreements with Salt River Project for the Energy Storage stages, CO Bar 4 and 5. With these agreements, Enlight has secured offtake agreements for the entire CO Bar Complex.
The completion of the development of the CO Bar project marks a significant milestone for Enlight's operations in the United States and comes just months after the financial closing of Snowflake, another large-scale project that combines 600 MW of solar generation and 1,900 MWh of energy storage. These and other major achievements further establish Enlight as a leading player in the U.S. market, with a mature project portfolio totalling approximately 6,500 FMW that have matured over the past year. The CO Bar Complex reflects Enlight's connect-and-expand strategy in practice, leveraging a large interconnection to develop multiple components and accelerate the transition from late-stage development to construction, resulting in lower and shorter development risks, and enhancement of return on investments.
All five stages were safe harbored in 2025. Construction at CO Bar 1-2 has mobilized to the next phase, with crews engaging in civil work on those sites. Construction at CO Bar 3-5 is expected to be fully mobilized in the next 12 months. Initial commercial operation is expected to roll out in stages from the second half of 2027 through the first half of 2028.
Adi Leviatan, CEO of Enlight: "CO Bar represents a major step forward for Enlight's U.S. platform. Reaching full interconnection and completing the commercial framework for such a large-scale, integrated solar and storage complex demonstrates our ability to execute at scale, deepen partnerships with leading utilities, and deliver long-term value from high-quality renewable assets. As demand for reliable, clean power continues to accelerate, CO Bar and our expanding U.S. portfolio firmly position Enlight for sustained growth in the U.S. market."
Jared McKee, CEO of Clēnera "We are excited to have reached these milestones on the CO Bar project. The CO Bar project is a special project and signifies Clēnera's ability to build large utility scale solar facilities that not only generate and store reliable clean energy but support regenerative land management principles."
About Enlight Renewable Energy:
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. As a global platform, Enlight operates in the United States, Israel and 11 European countries. Enlight is traded on the Tel Aviv Stock Exchange (TASE: ENLT) and on Nasdaq (Nasdaq: ENLT). Learn more at www.enlightenergy.co.il.
Enlight Investor Contacts
Limor Zohar Megen
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Cautionary Note Regarding Forward-Looking Statements
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. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "target," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible," "forecasts," "aims" or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers' ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers' ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, , sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management's attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled "Risk factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") and our other documents filed with or furnished to the SEC.
These statements reflect management's current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
