Enlight Renewable Energy (ENLT) said Monday it attained significant development targets for the CO Bar Complex in Arizona and is shifting the project into active implementation.

Total investment is expected to range from $2.86 billion to $3.01 billion, with first-year power sales estimated between $264.0 million and $278.0 million, the company said.

All energy sales contracts for the facility have been finished, including two 20-year agreements with Salt River Project and 1 GW AC Large Generator Interconnection agreement, as field work begins on the first two phases, it added.

Construction for the remaining three stages is expected to fully start within the next 12 months, with initial commercial operations scheduled to begin in waves starting in H2 2027, Enlight said.

Shares of the company were up over 4% in recent trading.

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