June.30.2021
We advised Enlight Renewable Energy (TASE: ENLT), a global renewables IPP and developer, in the negotiation of its definitive agreement to acquire U.S. solar and storage developer Clēnera for an enterprise value of up to $433 million. Enlight, through a wholly-owned U.S. subsidiary, will acquire 90% of Clēnera's shares, while Clēnera's founders will retain 10% of Clēnera's shares. The acquisition consideration will be divided between upfront payments of $158 million and future performance-based payments.
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. Boise, Idaho-based Clenera acquires, develops, builds and manages utility-scale solar farms and energy storage facilities throughout the US. To date, it has successfully developed and constructed utility-scale solar plants with a total direct current capacity of about 1.6 GW. Presently, it’s developing a portfolio of 12 GW DC of solar and 5.5 GWh of energy storage in 20 states.
The Orrick team advising Enlight is led by John Cook and Rohit Sachdev and includes David Gold, Jonathan Ayre, Iris Zhang, Greg Hume, Cory Lankford, Jeanine McGuinness, Jason Flaherty, Wolfram Pohl, Adam Wenner, Giji John, Eleanor Verret, Zachary Huey, Michelle Conde, Andrea Memovic, Bethanie Wallace, Kyle Zhu and Sue Cowell.