Loans from banks and other financial institutions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Credit From Banking Corporations Financial Institutions And Other Credit Providers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans from banks and other financial institutions |
Note
12 - Loans from banks and other financial institutions
As
of the approval date of the Financial Statements, USD 68
million are in use.
(*)
The interest rates in the table above include the impact of Interest Rate Swap (IRS) instruments hedging variable interest rates.
(**)
Maturity - 20-year
amortization period and a 6-year
mini-perm term.
Financial
covenants:
The
loan agreements include specific financial covenants and collateral requirements, such as, inter alia, charges on the project entity’s
assets, cash flow rights, land rights, and collateral provided by the project contractors.
As
of December 31,2025, the Company is in compliance with all of the financial covenants in accordance with the facilities agreements.
(1)
Gecama Financing Agreement:
In
May 2025, The Company through its subsidiary “Gecama”, signed a bond issuance agreement for EUR 294
million Bonds (approximately USD 345
million). The financing was led by MEAG private equity and infrastructure funds as an arranger and 7 Bondholders.
The
financing supports the Gecama project complex, including the refinancing of the existing wind project and the construction of the hybridization
project. As part of the hybridization project, Gecama will construct a photovoltaic power plant with an installed capacity of 225 MW (“Solar
PV”) and a battery energy storage system with an installed capacity of 100 MW with two hours of storage (equivalent to 200 MWh of
usable storage capacity) (“BESS”). The solar and storage systems will be co-located at the wind project site and will share
the grid connection and related evacuation infrastructure.
The
following are the main terms of the Refinancing Bonds:
(2)
Mezzanine facility agreement:
In
August 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a financing agreement with a consortium of lenders
led by Bank Leumi Le-Israel B.M. The facility, comprised of three tranches, totaling USD 350
million has been and will continue to be used to finance the construction of various solar and energy storage projects in the US. As of
December 31, 2025, Clenera Holdings LLC had drawn on the Tranche A and Tranche B loan facilities, which had interest rates of 7.32%
and 7.07%
respectively, at closing.
(3)
Roadrunner PV + BESS Construction loan:
At
the beginning of 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into definitive construction facility agreements
with a consortium of lenders led by BNP Paribas Securities Corp., totaling USD 550
million, to finance the construction of the Roadrunner Solar and Roadrunner Battery Storage projects. The financing for Roadrunner Solar
totaled USD 223
million and was comprised of a USD 127
million construction loan and a USD 96
million tax credit bridge loan. The financing for Roadrunner Battery Storage totaled USD 327
million and was comprised of a USD 254
million construction loan and a USD 73
million tax credit bridge loan. As of December 31, 2025, Clenera Holdings LLC had drawn on the construction loan and tax credit bridge
loan facilities for both projects, which, at closing, had interest rates of 5.82%
and 6.57%,
respectively.
M&T
Community & Environmental Developmental LLC, together with First-Citizen Bank & Trust, provided USD 132
million and USD 84
million in tax equity financing for Roadrunner Solar and Roadrunner Battery Storage, respectively, at the close of fiscal year 2025. In
the first quarter of 2026, both entities provided USD 36
million additional tax equity financing bringing the total financing to USD 390
million. The construction loan was converted in February 2026 to USD 290
million term loan.
(4)
Quail Ranch PV + BESS Construction loan:
During
April 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into definitive construction facility agreements with a
consortium of lenders led by BNP Paribas Securities Corp., totaling USD 244
million, to finance the construction of the Quail Ranch Solar and Quail Ranch Energy Storage projects. The financing for Quail Ranch Solar
totaled USD 114
million and was comprised of a USD 51
million construction loan, a USD 45
million tax credit bridge loan, and a USD 17
million upsize bridge loan. The financing for Quail Ranch Energy Storage totaled USD 130
million and was comprised of a USD 82
million construction loan, a USD 31
million tax credit bridge loan, and a USD 17
million upsize bridge loan. As of December 31, 2025, Clenera Holdings LLC had drawn on the construction loan and tax credit bridge loan
facilities for both projects, which, at closing, had interest rates of 5.89%
and 6.64%,
respectively.
Wells
Fargo Bank, N.A. provided USD 22
million and USD 18
million in tax equity financing for Quail Ranch Solar and Quail Ranch Energy Storage, respectively, at the close of fiscal year 2025.
(5)
Country Acres Construction loan:
In
March 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a definitive construction facility agreement with
a consortium of lenders led by BNP Paribas Securities Corp. The facility totaling USD 773
million is being used to finance the construction of the combined Country Acres Solar and BESS project. The financing was comprised of
USD 497
million construction loan, USD 165
million tax credit bridge loan, and USD 111
million upsize bridge loan. As of December 31, 2025, Clenera Holdings LLC had only drawn on the construction loan facility, which had
an interest rate of 5.80%
at closing.
(6)
Snowflake A Construction loan:
In
November 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a definitive construction facility agreement with
a consortium of lenders led by BNP Paribas Securities Corp. The facility totaling USD 1.4
billion is being used to finance the construction of the combined Snowflake A Solar and BESS project. The financing was comprised of USD
1
billion construction loan, USD 432
million tax credit bridge loan. As of December 31, 2025, Clenera Holdings LLC had only drawn on the construction loan facility, which
had an interest rate of 5.72%
at closing. |
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