Enlight to acquire 90% of U.S. Renewable Energy Company, Clenera, at a company value of US$ 433 million
Tel Aviv, Israel (ots/PRNewswire)
Enlight Renewable Energy LTD. (TASE: ENLT), a global renewables IPP and developer, announced a definitive agreement to acquire U.S. solar and storage developer Clenera, at an enterprise value of up to USD $433 million. Enlight, through a wholly-owned U.S. subsidiary, will acquire 90% of Clenera's shares, while Clenera's founders, Jason Ellsworth and Adam Pishl will retain 10% of Clenera's shares. The acquisition consideration will be divided between upfront payments of $158m, and future performance-based payments.
Clenera is based in Boise, Idaho and has approximately 80 employees. The company has successfully developed and constructed 1.6 GWdc of utility scale solar. Clenera is now actively developing a portfolio of 12 GWdc solar and 5.5 GWh of energy storage in 20 states.
This transaction is expected to expand Enlight's development portfolio to over 16 GWdc of solar and wind, and 7.5 GWh of energy storage in 11 countries. The U.S. energy industry's transition to renewables is accelerating. Enlight believes that the combination of its international development and execution expertise and Clenera's successful U.S. development capabilities will result in substantial success in the growing U.S. market. Enlight is operating in the U.S. through a wholly owned subsidiary, headed by U.S. solar industry veteran Michael Avidan.
"Clenera's culture, diversified portfolio and market leadership in the western U.S. created a differentiated value proposition for Enlight, and a unique U.S. partnership opportunity," said Gilad Yavetz, Enlight's Chief Executive Officer. "The acquisition is a major step in establishing Enlight's position as a global leader in renewable energy development and operation. Clenera's outstanding track record and market leadership will allow the unified companies to continue their rapid and profitable growth path," added Gilad Yavetz.
Jason Ellsworth, CEO and co-founder of Clenera, added "Scale and efficiency have never been more important to success in U.S. renewable development and operation. As part of Enlight's global renewables platform, Clenera's ability to create high-performing solar and storage projects increases substantially. Enlight's portfolio of renewable energy projects and its geographical footprint will grow. The combined teams are positioned to meaningfully expedite the global transition to renewables."
Nomura Greentech served as financial advisor and Orrick Herrington & Sutcliffe LLP served as legal counsel to Enlight Renewable Energy. DLA Piper served as legal counsel to Clenera.
About Clenera: Clenera, LLC ("Clenera") is a privately-held renewable energy company headquartered in Boise, Idaho. Clenera acquires, develops, builds and manages utility-scale solar farms and energy storage facilities throughout the United States. Combining breakthrough technology with an integrated and efficient team, Clenera provides reliable, affordable energy systems and helps its utility partners become clean energy leaders in their communities. Clenera has developed and constructed over 1.6 GW of solar projects and provides long-term operation of those projects on behalf of third-party owners. The company is actively developing more than 12 GW of solar and 5.5 GWh of storage assets. Learn more at www.clenera.com.
About Enlight Renewable Energy: established in 2008, is traded on the TA-125 Index, with a 98% free float rate. It is one of Israel's leading companies in the initiation, development, financing, construction and operation of ventures for the generation of green energy using renewable energy sources. The company operates in Israel and Europe, enjoys a diversified portfolio of income-generating projects, projects under construction and pre-construction, with a capacity of 2,000 MW, and additional 2,800 MW in various stages of development. The company enjoys a steadily growing revenue backlog, built on long-term agreements for the sale of power, and is constantly working to expand its foothold in other green energy markets and segments.
For additional information:
Enlight Renewable Energy: Dan Politi danp@enlightenergy.co.il
Orli Kasuto Madmon Scherf Communications Ltd. orli@scherfcom.com
Clenera: Lauren Sigler lauren.sigler@clenera.com
Contact:
+972-54-483-4834
Orli: +972-52-4447750
Lauren: 208-639-3232