Financial Data and Key Metrics Changes - Full year 2024 revenues grew by 53% year-over-year to $399 million, while adjusted EBITDA increased by 49% to $289 million [9][10] - Operating cash flow reached $193 million for the year, up 29% from 2023, but net income dropped 32% to $67 million due to one-time items last year [10][11] - In Q4 2024, revenues grew by 35% year-over-year to $104 million, and adjusted EBITDA increased by 31% to $65 million [10][35] Business Line Data and Key Metrics Changes - New projects were the main driver of growth, with 650 megawatts of generation capacity and 1.6 gigawatt hours of energy storage capacity connected across Israel, Europe, and the U.S. [11][12] - Revenues from electricity sales in Q4 2024 were $93 million, a 26% increase from $74 million in Q4 2023, driven by new operational projects [32][34] Market Data and Key Metrics Changes - The U.S. electricity consumption forecast rose for the second consecutive year, driven by demand from data centers and electric vehicles [13] - 34% of Q4 2024 revenues were denominated in Israeli shekels, 47% in euros, and 18% in U.S. dollars [34] Company Strategy and Development Direction - The company plans to connect 3.3 gigawatts of generation and 5.1 gigawatt hours of storage projects in the U.S. by the end of 2027 [13][20] - The company aims to maintain at least a 70% stake in its portfolio while pursuing sell-downs to accelerate growth [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the supply chain and the ability to mitigate impacts from tariffs and policy changes [15][54] - For 2025, the company expects revenues between $490 million and $510 million, reflecting a 25% increase from 2024 [21][38] Other Important Information - The company completed financial closings for several projects, raising $1 billion in term loans and tax equity [18][37] - A major asset sale in Israel is expected to generate a $94 million profit in Q1 2025 [19][37] Q&A Session Summary Question: Contribution from major projects in 2025 guidance - Management indicated that none of the new projects are included in the 2025 guidance, which is based on projects connected by the end of 2024 [45][46] Question: Future sell-downs and capital needs - The company plans to hold at least 70% of its portfolio long-term, with current growth allowing for some sell-downs to accelerate growth [49][51] Question: Impact of U.S. administration on financing - Management noted that current executive orders have minimal impact on projects, with tariffs on Chinese goods having a minor effect [53][54] Question: Clarification on tax benefits in guidance - The adjusted EBITDA guidance for 2025 includes an estimated $60 million to $80 million in income from U.S. tax benefits [58][84] Question: Performance versus previous guidance - Management attributed strong results to good operational performance and advancing CODs ahead of schedule [71][72] Question: Collaboration with NewMed Energy in Morocco - The company sees significant opportunities in Morocco due to strong renewable resources and plans for energy export to Europe [80][81]

Financial Performance - Full year 2024 revenues and income reached $399 million, a 53% increase year over year[4] - Adjusted EBITDA for 2024 was $289 million, up 49% year over year[4] - Net income for 2024 was $67 million, down 32% year over year[4] - Cash flow from operations for 2024 was $193 million, a 29% increase year over year[4] - Revenues for the year ended December 31, 2024, increased to $377,935 thousand, up from $255,702 thousand in 2023, representing a growth of approximately 47.8%[40] - Total revenues and income reached $398,795 thousand in 2024, compared to $261,140 thousand in 2023, marking an increase of about 52.8%[40] - Operating profit for 2024 was $175,535 thousand, compared to $158,143 thousand in 2023, reflecting a rise of approximately 11%[40] - Profit for the year attributed to owners of the Company decreased to $44,209 thousand in 2024 from $70,924 thousand in 2023, a decline of about 37.7%[40] - Basic earnings per share for 2024 was $0.37, down from $0.61 in 2023, indicating a decrease of approximately 39%[40] - Profit for the period decreased to $66,505 thousand in 2024 from $98,041 thousand in 2023, representing a decline of approximately 32.2%[44] - The company achieved a profit before income taxes of $84,780 thousand in 2024, compared to $126,469 thousand in 2023, reflecting a decrease of about 33%[50] Future Projections - The company expects 2025 revenues and income to range between $490 million and $510 million, a 25% increase from 2024[24] - Adjusted EBITDA for 2025 is projected to be between $360 million and $380 million, a 28% increase from 2024[24] - The company plans to reach an operating capacity of 8.6 FGW by the end of 2027, aiming for annual revenues exceeding $1 billion by 2028[10] Operational Capacity and Projects - The total portfolio includes 20 GW of generation capacity and 35.8 GWh of storage, equating to 30.2 FGW[14] - Newly operational projects contributed $18 million to revenues from the sale of electricity in Q4 2024[26] - The total installed capacity for operational projects reached 2,492 MW by the end of 2024, up from 1,866 MW in 2023, marking an increase of approximately 33.5%[55] - Total consolidated projects capacity is 1,056 MW for generation and 2,434 MWh for energy storage, with estimated total project costs ranging from $1,915 million to $2,012 million[57] - The company has several projects under construction with expected commercial operation dates (COD) ranging from H2 2025 to H1 2026[57] Financial Position - Total assets amounted to $5,546,885,463,392[42] - Current assets were reported at $720,496,664,645[42] - Cash and cash equivalents totaled $387,427,740,380[42] - Trade receivables reached $506,924,310[42] - Non-current assets were valued at $4,826,388,993,776[42] - Total current liabilities were $1,000,000,000[42] - Total non-current liabilities stood at $2,000,000,000[42] - Total liabilities amounted to $3,000,000,000[42] - Total equity was reported at $2,546,885,463,392[42] - The company holds restricted cash of $100,000,901,426[42] - Total current liabilities amounted to $592.04 million, a decrease of 4.05% compared to the previous period[43] - Total non-current liabilities were reported at $351.39 million, reflecting a 12.61% increase[43] - Total liabilities reached $410.59 million, indicating a growth of 7.96%[43] - Current liabilities of loans from banks and other financial institutions stood at $199.61 million, a rise of 7.02%[43] - Total equity was recorded at $330.83 million, showing a decrease of 3.29%[43] - The company reported employee benefits liabilities of $121.54 million, which is a 4.78% increase[43] - Deferred income related to tax equity was $403.38 million, marking a 6.08% increase[43] - The capital reserves were noted at $257.73 million, reflecting a 3.00% increase[43] - The company has a total of $1.02 billion in share premium, which is stable compared to the previous period[43] Cash Flow and Financing Activities - Net cash from operating activities increased to $193,072 thousand in 2024, up from $149,620 thousand in 2023, reflecting a growth of about 29%[44] - Total cash used in investing activities increased to $941,367 thousand in 2024 from $798,065 thousand in 2023, indicating a rise of about 17.9%[44] - The company reported cash flows from financing activities of $939.6 million, a decrease from $1,027.6 million in the previous year[45] - Loan repayments from banks and other financial institutions totaled $699.5 million, compared to $203.4 million last year[45] - The issuance of debentures amounted to $177.9 million, while repayments of debentures were $26.0 million[45] - The net cash from financing activities was $745.9 million, reflecting a decrease from $878.5 million[45] - The balance of cash and cash equivalents at the beginning of the period was $403.8 million[45] - The company experienced a change in cash of $5.7 million from the disposal groups classified as held for sale[45] - The effect of exchange rate fluctuations on cash and cash equivalents was $8.3 million[45] - The company reported proceeds from investments by tax-equity investors of $410.8 million, compared to $389.0 million last year[45] - The repayment of tax equity investments was $83.9 million, down from $82.7 million[45] Market Presence and Strategy - The company operates across the United States, Israel, and 9 European countries, focusing on solar, wind, and energy storage projects[39] - The company completed its U.S. IPO in 2023, trading on Nasdaq under the ticker ENLT[39] - The company is focusing on expanding its market presence and enhancing product development strategies[43] Changes in Financial Reporting - The company has made structural changes to its income statement presentation to better reflect financial performance, applying the change retrospectively[63]

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]

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]

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].

Core Viewpoint - Enlight Renewable Energy Ltd. is set to release its financial results for Q4 and the full year ending December 31, 2024, on February 19, 2025, before market opening [1] Financial Results Announcement - The financial results will be disclosed before the market opens on February 19, 2025 [1] - A conference call to discuss the results and business outlook will take place at 8:00 AM ET on the same day [2] - Participants can join the conference call via pre-registration or through a webcast [2][3] Company Overview - Enlight, founded in 2008, focuses on developing, financing, constructing, owning, and operating utility-scale renewable energy projects [4] - The company operates in solar, wind, and energy storage sectors across the United States, Israel, and 10 European countries [4] - Enlight has been listed on the Tel Aviv Stock Exchange since 2010 and completed its US IPO in 2023 [4]

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 ...