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Enlight Secures $400 Million for 1.2GWh BESS Project in New Mexico, Aiming for 7GWh by 2034.

Enlight has secured US$400 million for the 1.2GWh co-located BESS in New Mexico, with the 1,700-acre project set to reach a full commercial operation later this year. The project, developed by developer RES and provided by Tesla, is in commissioning phase and has a 20-year PPA with utility Public Service Company of New Mexico. Enlight secured the loan from eight banks led by HSBC for the storage portion, while tax equity was provided by US Bancorp Impact Finance. The remaining US$117 million will be invested as sponsor equity for the project. This is Enlight’s largest project so far, with plans to begin construction on several other large-scale projects in California, Arizona, and New Mexico with a target of 7GWh by 2034.

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