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Enlight Secures Nearly $150 Million in Tax Equity Financing for Quail Ranch

1. Wells Fargo partners with Enlight for Quail Ranch project's tax equity financing. 2. Total investment for Quail Ranch is $275 million, generating $24 million revenues annually. 3. The project utilizes a 20-year PPA with an investment-grade offtaker. 4. Enlight's U.S. portfolio now totals nearly $1 billion in tax equity arrangements. 5. The project is expected to reach COD by late 2025, enhancing revenue stability.

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Why Bullish?

The partnership with Wells Fargo and expected revenues enhance investor confidence. Historical success of similar projects often leads to stock price appreciation.

How important is it?

The project’s financial backing and revenue potential strongly positions ENLT for growth. Partnerships with reputable firms add credibility to its operational strategy.

Why Long Term?

The Quail Ranch project aims for operational stability and long-term revenue. Successful completion can lead to sustained positive sentiment over years.

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Wells Fargo joins as tax equity partner for Enlight’s New Mexico project Enlight’s fifth U.S. tax equity partnership brings total to nearly $1 billion in value  Quail Ranch, a 128 MW solar and 400 MWh storage project, is expected to reach COD toward the end of 2025 TEL AVIV, Israel, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE & NASDAQ: ENLT), a global renewable energy IPP and developer, announced today that its U.S. subsidiary Clēnera Holdings has closed a tax equity agreement with Wells Fargo Bank N.A. (Wells Fargo) for the Quail Ranch project in New Mexico. Under the agreement, Wells Fargo will provide tax equity financing, including a contribution following commercial operation (COD) of $131 million, expected to increase to nearly $150 million when including pay-go contributions over the first 10 years of operation. The Quail Ranch project, a co-located solar and energy storage project totaling 128 MW of solar generation and 400 MWh of energy storage, involves a total investment of $275 million. The project is expected to achieve commercial operation towards the end of 2025. Once fully operational, it is expected to generate annual revenues of approximately $24 million in its first full operating year and EBITDA of around $17 million. The project shares interconnection infrastructure with Atrisco, leveraging Enlight’s “Connect and Expand” strategy to utilize large interconnections for incremental capacity and cost efficiencies. Quail Ranch benefits from a 20-year busbar power purchase agreement (PPA) with Public Service Company of New Mexico (PNM), an investment-grade offtaker, consistent with Enlight’s U.S. projects to date and providing stable, long-term revenues over the contract term. The tax equity financing is expected to provide production tax credits (PTC) for the solar component and investment tax credits (ITC) for the storage component. Quail Ranch is also expected to qualify for the 10% Energy Community Adder under the Inflation Reduction Act. Quail Ranch is Enlight’s fifth tax equity deal in the United States. Altogether, the company’s U.S. portfolio has nearly $1 billion in tax equity arrangements. “The Quail Ranch tax equity deal marks another step forward in scaling our U.S. platform,” said Adi Leviatan, CEO of Enlight. “Welcoming a top-tier institution like Wells Fargo as our partner affirms both the strength of the project and the robustness of our portfolio strategy. We’re proud to continue building long-term, trusted partnerships that expand access to reliable, affordable clean power at scale.” “The Quail Ranch facility builds on our success in New Mexico,” said Jared McKee, CEO of Clēnera. “Our partnerships power that success and this tax equity arrangement with Wells Fargo is one more way we are executing our growth strategy in the U.S.” About Enlight 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. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il. Investor Contacts Limor GruberDirector IRinvestors@enlightenergy.co.il Yonah WeiszDirector IRinvestors@enlightenergy.co.il Erica Mannion or Mike FunariSapphire Investor Relations, LLC+1 617 542 6180investors@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.

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