Clēnera Company Profile

Background

Clēnera, LLC, established in 2013 and headquartered in Boise, Idaho, specializes in the acquisition, development, construction, and management of utility-scale solar farms and energy storage facilities across the United States. The company's mission is to deliver reliable, affordable, and clean energy solutions, empowering utility partners to become leaders in renewable energy within their communities. Since its inception, Clēnera has developed and constructed over 1.6 gigawatts (GW) of solar projects and manages these projects on behalf of third-party owners.

Key Strategic Focus

Clēnera's strategic focus encompasses the development of large-scale solar and energy storage projects. The company is actively developing approximately 50 projects in various stages, totaling around 12 GW of solar capacity and 5.5 gigawatt-hours (GWh) of energy storage. By integrating advanced technologies and fostering strong partnerships, Clēnera aims to enhance the efficiency and reliability of renewable energy systems, targeting diverse markets across the United States.

Financials and Funding

In August 2021, Enlight Renewable Energy Ltd., a global renewable energy developer, acquired a 90% stake in Clēnera at an enterprise value of up to $433 million. The acquisition included an upfront payment of $158 million, with additional performance-based payments. This strategic move expanded Enlight's development portfolio to over 16 GW of solar and wind projects and 7.5 GWh of energy storage across 11 countries.

Pipeline Development

Clēnera's development pipeline includes significant projects such as:

CO Bar Solar Project: A 440-480 MWdc solar facility in Arizona, developed in partnership with Salt River Project (SRP). Scheduled for commercial operation in 2024, it will deliver renewable energy to SRP customers.

Rustic Hills Solar Project: A 120 MWdc solar project in Indiana, under a 20-year Power Purchase Agreement (PPA) with Hoosier Energy. Construction is expected to begin upon receipt of necessary permits, with commercial operation anticipated by the end of 2023.

Apex Solar Project: A 105 MWdc solar facility in Montana, with financing secured from Bank of America and NORD/LB. The project is expected to reach commercial operations in the second quarter of 2023.

Technological Platform and Innovation

Clēnera leverages advanced technologies to optimize the performance and efficiency of its renewable energy projects. The company employs bifacial solar panels, single-axis trackers, and state-of-the-art inverters to enhance energy yield and reliability. Additionally, Clēnera integrates energy storage solutions to provide grid stability and support the integration of renewable energy sources.

Leadership Team

As of January 2024, Clēnera announced a planned CEO transition. Co-founder and Chief Operating Officer Adam Pishl will assume the role of CEO, succeeding Jason Ellsworth, who is stepping down to serve in a voluntary capacity. This transition is scheduled to be completed by the end of June 2024.

Competitor Profile

Market Insights and Dynamics

The U.S. renewable energy market is experiencing significant growth, driven by increasing demand for clean energy, supportive government policies, and advancements in technology. The solar energy sector, in particular, is expanding rapidly, with utility-scale projects playing a crucial role in the transition to sustainable energy sources.

Competitor Analysis

Clēnera operates in a competitive landscape alongside key players such as:

O3 Energy: Specializes in the development and financing of commercial and utility-scale solar projects.

Community Energy: Focuses on renewable energy project development, including solar and wind, with a strong presence in various U.S. markets.

Verogy: Provides comprehensive solar energy solutions, from development to construction and financing, targeting commercial and industrial clients.

Pivot Energy: Offers a range of solar energy services, including community solar, commercial solar, and energy storage solutions.

National Renewable Energy Corporation (NARENCO): Develops, builds, and operates utility-scale solar projects across the United States.

These competitors are actively engaged in expanding their renewable energy portfolios, leveraging technological innovations, and forming strategic partnerships to enhance their market positions.

Strategic Collaborations and Partnerships

Clēnera has established significant partnerships to strengthen its market position and innovation capacity:

Salt River Project (SRP): A 20-year PPA for the CO Bar Solar project in Arizona, contributing to SRP's decarbonization goals.

Hoosier Energy: A 20-year PPA for the Rustic Hills Solar project in Indiana, supporting Hoosier Energy's transition to renewable sources.

Bank of America and NORD/LB: Provided construction financing for the Apex Solar project in Montana, demonstrating confidence in Clēnera's project execution capabilities.

Operational Insights

Clēnera's strategic considerations include:

Market Position: Leveraging its extensive development pipeline and successful project execution to maintain a competitive edge in the renewable energy sector.

Competitive Advantages: Utilizing advanced technologies, fostering strong partnerships, and maintaining a diversified project portfolio to differentiate itself from competitors.