Enlight Renewable Energy has achieved all required regulatory approvals to acquire a 90.1% share of Clēnera LLC, a company in the field of initiation, development, construction and operation of solar energy and U.S. energy storage projects.

Clēnera’s development portfolio currently covers 20 states and approximately 50 large-scale solar projects in various stages of development, with a capacity of 12 GW DC, including projects that combine energy storage of 5.5 GWh.

The acquisition comprises initial payments of $158 million and performance-based installments of up to $232 million, payable until 2025, depending on the percentage of completion of the projects. The completion of the transaction significantly expands Enlight’s portfolio, to 16.8 GW DC of power and 7.5 GWh of energy storage.

“We are very proud to complete Clēnera’s acquisition according to the planned schedule and to quickly achieve all required regulatory approvals,” says Gilad Yavetz, CEO of Enlight. “We believe that the combination of the core capabilities, the experience, the track record and the portfolio of both companies, will generate a leading global renewable energy entity.”