Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) rose 7.6% in premarket trading on Tuesday after the company disclosed a physical power purchase agreement with Google for electricity delivered in Oklahoma.
Under the contract, Enlight’s U.S. subsidiary, Clēnera Holdings, will supply 200 MWac of photovoltaic generation from the Solstice project to Google under a fixed-price arrangement spanning 15 years. Solstice is a planned 250 MWdc solar installation located in LeFlore County, Oklahoma.
The agreement represents Enlight’s first U.S. power purchase agreement with a commercial customer and its first project to progress to this stage within the Southwest Power Pool market. The energy produced at Solstice is intended to serve Google’s data center operations in the region.
Project timing in the announcement indicates construction is expected to commence in 2028, with commercial operations targeted for 2029. The Solstice development is also anticipated to grow in a subsequent phase to include 800 MWh of battery energy storage capacity.
On the interconnection front, Solstice has completed a system impact study and is expected to obtain full interconnection approval later this year.
The Southwest Power Pool, where Solstice will operate, is described in the announcement as one of the largest and fastest-growing power markets in the United States. Citing the 2025 Integrated Transmission Planning Assessment Report, the announcement noted the SPP peak load is projected to rise by nearly 5 GW between 2026 and 2029, while more than 5.7 GW of fossil generation resources are expected to retire from the SPP market by 2029.
Context and implications
This agreement is highlighted as a milestone for Enlight in the U.S. commercial market and marks a new stage for the Solstice project inside the SPP market. The combination of a multi-year fixed-price PPA, interconnection milestones, planned construction and an envisioned storage expansion provide a clear timeline and development pathway as presented.
What remains noted as upcoming steps
- Full interconnection approval, expected later this year.
- Construction start, expected in 2028.
- Targeted commercial operations in 2029.
- Potential later addition of 800 MWh battery capacity as a subsequent phase.
These items are presented as the planned sequence of developments tied to the PPA with Google and the Solstice project.