Enlight closes financing on U.S.’s new largest storage site | Projects Weekly
This week on Projects Weekly, Enlight Energy subsidiary Clenera has closed on financing for one of the largest solar sites in U.S. history, out in the deserts of Arizona. In Massachusetts, Lightshift Energy has plans to deploy a series of six battery projects worth about 23 MW. In the financing world, Spearmint Energy has closed on $325 million for its storage portfolio, OCI Energy has closed on $130 million for the Alamo City battery station in San Antonio, and Matrix Renewables has closed on construction to term loans for its utility-scale solar portfolio. Canadian Solar Inc. subsidiary e-STORAGE is set to deploy about 800 MWh of batteries in Michigan and Florida, and PowerBank and Honeywell’s community solar project has come online in upstate New York. Keep reading for all the details!
Lightshift Energy to deploy six BESS projects in Massachusetts
Battery storage developer Lightshift Energy has announced a sextet of new battery energy storage system (BESS) projects across the state of Massachusetts.
Set to add more than 23 MW worth of storage capacity to Lightshift’s portfolio, the new project group is part of the latest phase of the company’s statewide energy program. The projects are set to deliver $90 million in lifetime savings for utilities who participate, as well as their Pilgrim State customers.
“Massachusetts’ municipal utilities have often paved the way on the frontier of grid modernization, and these projects continue that tradition,” says Lightshift co-founder and managing partner Rory Jones. “What makes this program particularly unique is the portfolio strategy. By developing these projects as a fleet across the state, we’re able to dramatically reduce cost and increase speed to interconnect, maximizing savings, reliability, and market value for participating communities.
“For municipal utilities looking to rapidly manage rising energy costs and strengthen their systems, this model provides a powerful blueprint.”
Bright spot: Alongside the six-project portfolio, Lightshift officials say the company has plans for a seventh project, which is already under construction. Additionally, the developer says an eighth project is in advanced stages of construction.
OCI Energy closes $130 million financing for San Antonio-area battery project
Utility-scale solar developer and operator OCI Energy has successfully closed on about $130 million in tax equity financing for its Alamo City Battery Energy Storage System in southern Texas.
The 120 MW / 480 MWh battery project is being developed under a long-term storage capacity agreement between OCI and CPS Energy. As part of the U.S.’s largest municipally owned electric and gas utility, the project will be able to power about 30,000 homes for up to four hours, the company says, acting as a long-duration storage asset inside the ERCOT grid market.
“This tax equity transaction reflects the continued momentum behind Alamo City BESS and the strength of our project partnerships,” says OCI Energy president Sabah Bayatli. “Securing this investment marks a critical step in executing the project’s capital structure and underscores the confidence leading financial institutions have in both in OCI Energy and the Alamo City BESS project itself.”
Bright spot: The Alamo City BESS project is expected to see commercial energization in 2027, officials say. The closing of this financing round with the Greenprint Capital investment firm, the company adds, is “another major milestone” in the project’s progression, which included its official groundbreaking in May 2026.
“This transaction represents one of our first investments structured with the technology neutral Clean Electricity Investment Credit, and it underscores our focus on scaling tax-efficient capital solutions to finance dispatchable energy resources,” says Ed Rossier, managing director of investments at Greenprint Capital. “We have strong conviction in OCI’s ability to execute and in the long-term value and reliability of battery storage on the power grid.”
Spearmint Energy secures $325 million debt facility for new energy storage
Renewable energy firm Spearmint Energy has secured a $325 million expanded debt facility through a partnership with Nuveen Energy Infrastructure Credit and other investment firms.
Set to strengthen Spearmint’s capital base and support strategic energy initiatives, the debt facility will go toward setup and construction of Spearmint’s battery storage projects. The company expects to leverage the new capital throughout its project portfolio, including Tierra Seca, Seven Flags, and Revolution.
“We are pleased to secure this debt financing from Nuveen EIC, Elda River, Harrison Street, and Aiga as we accelerate the deployment and optimization of battery storage to reduce grid volatility, increase resilience, and help ensure power is available whenever and wherever it is needed,” says Andrew Waranch, the founder, president, and CEO of Spearmint. “As energy demand continues to rise, now faster than ever, this growth capital will help us continue to deliver safe and affordable energy across the country.”
Bright spot: The new investment builds on Spearmint’s snowballing momentum, company representatives say. Most recently with $450 million in project financing to support Texas’s Red Egret project, the company built a financing worthy portfolio across the U.S., it says.
“Battery storage is becoming an increasingly important part of the nation’s energy infrastructure, and Spearmint is helping to advance that buildout with high-quality assets and a clear growth strategy,” says Don Dimitrievich, head of Nuveen Energy Infrastructure Credit. “We are pleased to support the Spearmint team through this debt facility as they continue to expand access to reliable, resilient power for American consumers.”
Spearmint currently has financing for two 100 MW / 200 MWh BESS projects based in the ERCOT market, both of which began commercial operations in 2025.
Matrix Renewables closes on financing for American utility-scale projects
TPG Rise-backed energy platform Matrix Renewables has closed on construction to term loan financing, the company says.
Bright spot: Including 859 MWdc / 167 MWh of projects across three states, the company’s portfolio encompasses both utility-scale solar and battery storage projects. The total portfolio, complete with commitments from MUFG, DESRI, Nomura, and other banking coordinators, represents more than $1.3 billion in investments.
“This transaction marks a significant milestone for Matrix in the U.S., optimizing the financing of two existing assets while establishing an efficient, scalable structure for our construction portfolio,” says Cindy Tindell, managing director and head of U.S. for Matrix. “By transitioning to a multi-asset approach, we are unlocking additional value and strengthening the foundation for our growth. This milestone brings our U.S. portfolio to approximately 1.5 GW of operating, under-construction, and ready-to-build projects.”
The portfolio currently includes a set of four different assets across Texas, California, and Idaho, according to Matrix officials. In the U.S. alone, the company currently owns more than 8.7 GW of projects across five regional markets, and continues to expand its pipeline as of summer 2026.
Globally, Matrix sports a platform of about 15.5 GW of solar, battery, and hydrogen projects across the U.S., Europe, and Latin America.
e-STORAGE to deploy over 800 MWh across two new projects
Canadian Solar Inc.’s energy storage business, e-STORAGE, has announced that it will supply a 75 MW / 381 MWh battery system for Apex Clean Energy in Branch County, Michigan. Additionally, the company will supply a 95 MW / 526 MWh battery system to an unnamed electrical utility in Florida.
The Michigan battery will be co-located with Apex Clean Energy’s Coldwater Solar facility near Michigan’s southern border. The company has agreed to supply Canadian Solar’s SolBank 3.0 battery blocks for both projects, and both are expected to see the start of their deliveries during 2027.
“Michigan is rebuilding its power generation mix on a fixed timeline, and this collaboration shows how that target turns into reliable capacity on the ground,” says Jeff Roy, president of e-STORAGE. “By supplying the batteries, power conversion, and our EQ-S controls as one integrated system, we serve as Apex’s single accountable technology partner across the project’s lifecycle.”
Bright spot: The Michigan project comes as a crucial piece of the energy puzzle as the Mitten State’s policies become more renewable-forward. New state laws require utilities to bring 2.5 GW of energy storage online by 2030, and the state’s largest coal plants are expected to see decommissioning by 2032.
The Floridian project has commercial operation targeted by 2028, and marks the company’s entry into the Sunshine State. Florida’s market is experiencing rapid solar growth in 2026, thanks to rising peak seasonal demands that are forcing the state’s hand into large-scale storage solutions.
“Florida is one of the fastest-growing storage markets in the U.S., and we’re glad to support our customer with capacity at this scale,” Roy adds. “The project deepens e-STORAGE’s presence in a strategically important market and further demonstrates e-STORAGE’s capabilities in delivering fully integrated energy storage solutions for demanding power management applications.”
PowerBank and Honeywell community solar project comes online in New York
Canadian solar firm PowerBank Corp. has announced the commercial operation of SB 13-2, a community solar project in upstate New York.
Coming in at 7.01 MWdc, the project was constructed by PowerBank for technology and automation manufacturer Honeywell International Inc. Expected to operate as a community solar site, the project will sell credits to subscribers under NYSERDA’s NY-Sun Program, to the tune of powering about 875 homes.
Bright spot: PowerBank developed SB 13-2 alongside a duo of other related community solar projects. In September 2023, the company sold those projects to Honeywell, entering an EPC agreement for approximately $41 million.
Andrew van Doorn, president and COO of PowerBank, says the project is built on an industrial brownfield, and regulated by the Honeywell-owned New York State Department of Environmental Conservation.
“The commercial operation of SB 13-2 marks another important milestone in PowerBank’s execution of the Honeywell portfolio and demonstrates our full-cycle capability, from site origination and development through EPC construction and commercial operation,” he says. “Delivering a 5 MW AC-class community solar project that is now actively supplying clean energy to New York residents reflects the strength of our project execution platform, and we look forward to the remaining projects in this portfolio reaching operation.”
Enlight reaches financial close for CO Bar Complex solar center
Enlight Energy has closed its financing for Arizona’s CO Bar Complex energy center through its U.S. subsidiary Clenera.
Having secured about $2.6 billion in debt financing, the Israeli company is expected to also contribute about $255 million in revenue and about $205 million in EBITDA during the project’s first year of operation. The CO Bar Complex is set to be one of the largest solar projects in the history of the U.S., complete with about 1.2 GW of solar and 4 GWh of energy storage.
“CO Bar is one of the clearest examples of Enlight’s ability to convert its large development pipeline into financed, contracted and executable assets,” says Adi Leviatan, CEO of Enlight. “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.
“As electricity demand continues to grow, projects like CO Bar demonstrate the role we can play in delivering reliable, clean power at scale.”
Bright spot: Located in Arizona, the project is already fully subscribed through a series of five offtake agreements, Clenera officials say. Construction of CO Bar 1-3 is already fully mobilized, and CO Bar 4 and 5 are expected to see full construction mobilization during the second half of 2026.
“The CO Bar project represents a defining milestone in Clenera’s growth in the United States,” says Clenera CEO Jared McKee. “As the largest financing in our history, it supports the development of a landmark energy asset that will generate enough power for nearly 220,000 homes across Arizona. CO Bar is more than a project—it is a long-term, generational asset that will provide reliable, sustainable energy and support the region’s continued growth.”
