Financial Performance - The company reported total revenues and income of $399 million for the full year 2024, representing a 53% increase compared to $261 million in 2023 [4][26] - Adjusted EBITDA for 2024 was $289 million, up 49% from $194 million in 2023 [4][26] - Net income for 2024 was $67 million, a decrease of 32% from $98 million in 2023 [4][26] - Cash flow from operating activities increased by 29% to $193 million in 2024, compared to $150 million in 2023 [4][26] Quarterly Results - In the fourth quarter of 2024, total revenues and income reached $104 million, a 35% increase from $77 million in the same quarter of 2023 [4][27] - Adjusted EBITDA for Q4 2024 was $65 million, up 31% from $50 million in Q4 2023 [4][31] - Net income for Q4 2024 was $8 million, down 48% from $16 million in Q4 2023 [4][29] Segment Performance - Revenue from the MENA region increased by 130% to $155.7 million in 2024, while Europe saw an 11% increase to $197.1 million, and the U.S. revenue surged by 375% to $36.6 million [26][55] - The company benefited from newly operational projects, contributing $18 million to revenues from the sale of electricity in Q4 2024 [28] Future Outlook - The company plans to construct 4.7 FGW of capacity with a total investment of $5.5 billion, aiming for an operating capacity of 8.6 FGW by the end of 2027 [7][8] - Projected revenues for 2025 are expected to range between $490 million and $510 million, a 25% increase from 2024 results [30] - Adjusted EBITDA for 2025 is projected to be between $360 million and $380 million, reflecting a 28% increase from 2024 [30] Portfolio Overview - The total portfolio consists of 20 GW of generation capacity and 35.8 GWh of storage, equating to 30.2 FGW [10] - The mature portfolio includes 6.1 GW of generation capacity and 8.6 GWh of storage [10] - The company has several mega-projects in the U.S. and Europe, expected to significantly contribute to future revenues [15][22]

Financial Performance - The company reported total revenues and income of $399 million for the full year 2024, representing a 53% increase compared to $261 million in 2023 [4][28] - Adjusted EBITDA for 2024 was $289 million, up 49% from $194 million in 2023 [4][32] - Net income for 2024 was $67 million, a decrease of 32% from $98 million in 2023 [4][30] - Cash flow from operating activities increased by 29% to $193 million in 2024, compared to $150 million in 2023 [4][28] Quarterly Results - In the fourth quarter of 2024, total revenues and income reached $104 million, a 35% increase from $77 million in the same quarter of 2023 [4][28] - Adjusted EBITDA for Q4 2024 was $65 million, reflecting a 31% increase from $50 million in Q4 2023 [4][32] - Net income for Q4 2024 was $8 million, down 48% from $16 million in Q4 2023 [4][30] Segment Performance - Revenue from the MENA region increased by 130% to $155.7 million in 2024, while Europe saw an 11% increase to $197.1 million, and the U.S. revenue surged by 375% to $36.6 million [26] - The company benefited from newly operational projects, contributing $18 million to revenues from the sale of electricity in Q4 2024 [29] Future Guidance - The company projects revenues and income for 2025 to be between $490 million and $510 million, indicating a 25% increase from 2024 results [31] - Adjusted EBITDA for 2025 is expected to range from $360 million to $380 million, a 28% increase from 2024 [31] Portfolio and Capacity Expansion - The company plans to construct 4.7 FGW (Factored GW) of capacity with a total investment of $5.5 billion, aiming for an operating capacity of 8.6 FGW by the end of 2027 [7][10] - The total portfolio includes 20 GW of generation capacity and 35.8 GWh of storage, with a mature portfolio of 6.1 GW generation capacity and 8.6 GWh storage [10][9] Financing Activities - Financial closings totaling $1.1 billion in Europe and the U.S. occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity [21] - The company expanded Series D bonds totaling $178 million to finance growth and sold 44% of the Sunlight cluster for $50 million [21]

Core Insights - Enlight Renewable Energy has secured bids for two energy storage facilities in Israel, marking a significant achievement in the renewable energy sector [1][4] - The projects will enhance the company's capacity and revenue potential while contributing to Israel's energy security and job creation [5][3] Group 1: Project Details - The two facilities, Neot Smadar and Ohad, have a combined grid connection capacity of 300 MW AC, allowing for a total storage capacity of 1,300 MWh, potentially increasing to 1,900 MWh [2][4] - The construction cost for the facilities is estimated between $210-250 million, with expected average annual revenues of $75-85 million and average annual EBITDA of $37-42 million over their lifespan [3][4] Group 2: Market Position and Future Outlook - Enlight holds approximately 8 GWh of mature storage projects expected to be operational by 2027, with a total portfolio of around 25 GWh in various development stages [4] - The two sites represent 20% of the total capacity awarded in the Israel Electricity Authority's tender, reinforcing Enlight's leadership in Israel's energy storage market [4][5]

Core Viewpoint - Enlight Renewable Energy continues to lead the energy storage sector in Israel, having secured two energy storage facilities in the Israel Electricity Authority's first availability tariff tender process, which highlights the company's significant role in the renewable energy transition in the region [1][5]. Company Developments - The two selected sites, Neot Smadar and Ohad, have a combined grid connection capacity of 300 MW AC, allowing for the potential construction of projects with a total storage capacity of 1,300 MWh, which could increase to 1,900 MWh after transitioning to the deregulated market [2][4]. - The construction cost for the two facilities is estimated to be between $210 million and $250 million, with expected average annual revenues of $75 million to $85 million and average annual EBITDA of $37 million to $42 million over the projects' lifespan [3]. Industry Position - Enlight holds approximately 8 GWh of mature storage projects expected to be operational by 2027, alongside a portfolio of energy storage assets totaling around 25 GWh, with 6 GWh located in Israel [4]. - The two sites won in the tender represent 20% of the total capacity awarded, reinforcing Enlight's leadership in Israel's energy storage market, being the only company with a significant presence in both medium-voltage and high-voltage storage sectors [4]. Future Outlook - The projects are anticipated to reach commercial operation by 2028, contributing to energy security and job creation in southern Israel, while aligning with the broader vision of transitioning to renewable energy production [2][5].

TEL AVIV, Israel, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. ("Enlight", "the Company", NASDAQ:ENLT, TASE: ENLT.TA), a leading global renewable energy platform, today announced it will release its financial results for the fourth quarter and full year ended December 31, 2024, before market open on Wednesday, February 19, 2025. Conference Call Information Enlight will host a conference call to review its financial results and business outlook at 8:00 AM ET on Wednesday, February 19, 2025 ...

The transaction is based on a valuation of $114 million for the entire Cluster, comprised of a $102 million base and an additional $12 million in deferred consideration upon fulfillment of the conditions of its payment Enlight will recognize a profit of $94 million upon fulfillment of the conditions of the deferred consideration, and will continue to operate and develop projects in the Cluster The partnership provides Harel and Amitim exposure to renewable energy infrastructure, with the potential for high ...

The debt financing package includes $550 million of construction loans Roadrunner consists of 290 MW of solar generation and 940 MWh of energy storage capacity, and is expected to reach full COD by the end of 2025 TEL AVIV, Israel, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. ("Enlight", "the Company", NASDAQ:ENLT, TASE: ENLT.TA), a leading global renewable energy platform, today announced that the Company has arranged the debt financing (the "Debt Financing") for project Roadrunner ("Roa ...

The Solar generation unit was commissioned earlier this year, with COD at the Energy Storage now completing the complex Term loan and tax equity proceeds have been received as per the Project’s financing agreements The Project’s final total cost net of tax equity drops to $397 million, a $10 million savings compared to original estimates TEL AVIV, Israel, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, a ...

Enlight Renewable Energy (NASDAQ: ENLT ) is an Israeli company operating as an IPP and developer, with a portfolio of 2.39 GW of wind and solar assets and 589 MWh of storage capacity distributed across Israel, Europe, and thePrivate investors and former financial advisor specializing in researching growth companies. Articles published will cover both American and European companies up to a maximum capitalization of $15B and will be done with a fundamental analysis focus. The page is intended to focus on sma ...

Financial Data and Key Metrics - Revenue for the first nine months of 2024 grew 56% to $285 million compared to the same period in 2023 [7] - Adjusted EBITDA for the first nine months of 2024 grew 50% to $214 million [7] - Net income for the first nine months of 2024 dropped to $58 million, but excluding one-off items, it grew by 17% to $56 million [7] - Cash flow from operations for the first nine months of 2024 rose by 25% to $158 million [7] - Q3 2024 revenue increased 88% to $109 million, driven by strong operational performance and new project additions [8] - Q3 2024 adjusted EBITDA grew 86% to $88 million [8] - Q3 2024 net income was $24 million, but excluding one-off items, it grew by 114% to $26 million [8] - Q3 2024 cash flow from operations rose 115% to $66 million [8] - The company raised its 2024 revenue guidance to $355 million-$370 million and adjusted EBITDA guidance to $255 million-$270 million, representing a $10 million increase at the midpoint for both metrics [42] Business Line Data and Key Metrics - The company added 500 megawatts of new generation capacity and 1.5 gigawatt-hours of energy storage capacity to its operational portfolio over the past nine months [10] - The Atrisco solar and energy storage project in New Mexico, along with other projects in Europe and MENA, are expected to contribute $105 million in revenue and $80 million in EBITDA in 2025 [11] - Construction has begun on 810 megawatts of generation and over 2 gigawatt-hours of storage at three additional US projects, expected to contribute $137 million in revenue and $110 million in EBITDA annually when fully operational [11] - The Snowflake A project, with 600 megawatts of solar and 1.9 gigawatt-hours of energy storage, is expected to begin construction in mid-2025 [14] - European projects saw a 24% increase in revenue this quarter, driven by strong market conditions and high electricity prices in Spain [16] - MENA region revenue grew 223% this quarter, fueled by the expansion of Solar & Storage Clusters and the Genesis Wind farm [17] Market Data and Key Metrics - The US market is experiencing soaring electricity demand, driven by data centers, AI, and electric vehicles, with data centers expected to consume 12% of the country's electricity output by 2030 [12] - PPA prices in the US remain high, reflecting strong returns for the company's projects [13] - In Europe, Spanish electricity prices reached their highest points this year, with 65% of Gecama's 2024 generation hedged at €100 per megawatt-hour [16] - In MENA, the company achieved COD at three new solar and storage projects, completing a 12-site Solar & Storage Cluster with a total capacity of 248 megawatts and 625 megawatt-hours [17] Company Strategy and Industry Competition - The company is focused on expanding its global generation and energy storage capacity, aiming to triple its capacity by 2027, reaching 6 gigawatts of generation and 7.6 gigawatt-hours of energy storage [12] - The company is leveraging strong offtake demand, low equipment costs, and declining interest rates to drive high returns on its projects [15] - The company is converting its large development portfolio into mature-phase projects, driving higher revenues and profits [19] - The company is securing growth beyond 2027, with projects like Snowflake A and a robust development pipeline [14][72] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong demand for electricity in the US, driven by data centers, AI, and electric vehicles, as a key driver of growth [12] - The company expects regulatory changes to impact electricity prices more than project deployment or returns [13] - Management expressed confidence in the company's ability to navigate potential changes in US tax incentives, citing strong project fundamentals and demand [44][45] - The company is optimistic about its ability to secure financing for projects like Snowflake, given the strong fundamentals and attractive returns [63] Other Important Information - The company raised $133 million in gross proceeds from debt issuance in Israel, with an effective yield of 6.3% and a duration of 3.7 years [40] - The company has $320 million in undrawn revolving credit facilities [41] - The company received $10 million in compensation from Siemens for inadequate turbine performance at the Björnberget project in Sweden [39] Q&A Session Summary Question: Impact of potential changes to US tax incentives (IRA) on project development [43] - The company believes that strong electricity demand and high-quality projects will continue to drive growth, even if tax incentives change [44][45] - The company has been safe-harboring projects to ensure they qualify for ITC/PTC, with a focus on long-term project fundamentals [48][49] Question: Delays in the CO Bar project and progress on Snowflake [50] - The CO Bar project is delayed due to complexities in the interconnection process, but the company is confident in the new timeline [54][55] - Snowflake is ahead of schedule and not affected by the same interconnection issues, with all necessary permits and agreements in place [57] Question: Flexibility in PPA terms if interest rates rise or tax incentives are removed [60] - The company has a track record of amending PPAs to adjust for external factors like tariffs or regulations, and utilities have been cooperative in the past [60] Question: Equity needs and financing for Snowflake [61] - The company expects to finance Snowflake with minimal equity, leveraging its strong project fundamentals and attractive returns [62][63] Question: US growth contribution to overall EBITDA by 2027 [66] - The US is expected to contribute around 15% of total EBITDA in 2025, with increasing dominance in the following years due to the size and capacity of US projects [66] Question: Development portfolio beyond 2027 and opportunities in PJM [71][74] - The company has a deep development portfolio with 30 gigawatts of projects across various phases, ensuring long-term growth [72] - PJM remains a focus area, but the company is currently prioritizing development over capital recycling [75]