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]

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) Enlight Renewable Energy reported strong Q3 and nine-month 2024 financial results, driven by new operational projects and improved asset performance, leading to raised full-year guidance [Third Quarter and Nine Months 2024 Financial Highlights](index=1&type=section&id=1.1%20Third%20Quarter%20and%20Nine%20Months%202024%20Financial%20Highlights) Enlight Renewable Energy reported strong financial results for Q3 and the first nine months of 2024, driven by new operational projects and improved performance from existing assets. Revenue and Adjusted EBITDA saw significant year-over-year growth, while Net Income experienced a slight decrease in Q3 and a more substantial drop over nine months, partly due to non-cash items and revaluation losses Financial Highlights (9 months ending September 30, 2024) | Metric | Amount ($m) | YoY Change | | :----------------- | :---------- | :--------- | | Revenue | 285 | +56% | | Adjusted EBITDA | 214 | +50% | | Net Income | 58 | -29% | | Cash Flow from Ops | 158 | +25% | Financial Highlights (3 months ending September 30, 2024) | Metric | Amount ($m) | YoY Change | | :----------------- | :---------- | :--------- | | Revenue | 109 | +88% | | Adjusted EBITDA | 88 | +86% | | Net Income | 24 | -7% | | Cash Flow from Ops | 66 | +115% | [Full Year 2024 Guidance Update](index=2&type=section&id=1.2%20Full%20Year%202024%20Guidance%20Update) Following excellent operational performance, Enlight Renewable Energy has raised its full-year 2024 guidance for both revenue and Adjusted EBITDA, reflecting confidence in continued growth across all business areas Revised Full Year 2024 Guidance | Metric | Previous Guidance ($m) | New Guidance ($m) | Increase at Midpoint ($m) | | :-------------- | :--------------------- | :---------------- | :------------------------ | | Revenue | 345-360 | 355-370 | 10 | | Adjusted EBITDA | 245-260 | 255-270 | 10 | - The **increase** in **guidance** demonstrates **confidence** in **positive trends** and **strong growth** across all **business areas**[4](index=4&type=chunk) [Third Quarter Business Developments](index=2&type=section&id=Third%20Quarter%20Business%20Developments) Enlight achieved excellent operational performance in Q3 2024, bringing new projects online and initiating construction on major US projects, significantly expanding its portfolio across all regions [Operational Performance & Project Milestones](index=2&type=section&id=2.1%20Operational%20Performance%20%26%20Project%20Milestones) Enlight achieved excellent operational performance in Q3 2024, particularly at Israel and European wind sites, leading to high revenue and Adjusted EBITDA growth. The company also brought new projects online and initiated construction on several major US projects, significantly expanding its operational and mature phase portfolios - **Generation volumes** from existing projects **increased by** **11% year-over-year**[5](index=5&type=chunk) - **CODs** achieved for Atrisco Solar in the U.S. (**364 MW**) and Solar and Storage in Israel (**55 MW** & **160 MWh**), **expected** to generate **$28-31m** in **revenues** and **$20-23m** in **EBITDA annually**[5](index=5&type=chunk) - **Operational portfolio** grew by **418 MW** and **191 MWh**; **Mature phase portfolio** added **600 MW** and **1,650 MWh**[5](index=5&type=chunk) [US Project Development](index=5&type=section&id=2.2%20US%20Project%20Development) Enlight significantly increased its investment in the US, with the Atrisco solar and energy storage project completing construction and expecting full COD soon. Three major projects (Country Acres, Quail Ranch, Roadrunner) commenced construction, and Snowflake A, a large solar and storage project, entered the pre-construction phase with a 20-year PPA - Atrisco **solar** (**364 MW**) achieved full **COD** in October, with **energy storage** (**1.2 GWh**) **COD expected** soon, projected to generate **$51-55m** in **revenues** and **$41-45m** in **EBITDA annually**[12](index=12&type=chunk) - **Construction** began on Country Acres, Quail Ranch, and Roadrunner (**total 810 MW** & **2.0 GWh**), **expected** to generate **$132-141m** in **revenues** and **$108-114m** in **EBITDA annually**[5](index=5&type=chunk)[12](index=12&type=chunk) - Snowflake A (**600 MW solar**, **1.9 GWh storage**) entered **pre-construction**, secured a **20-year PPA** with Arizona Public Service, and is **expected** to generate **$115-125m** in **revenues** and **$95-105m** in **EBITDA annually**[5](index=5&type=chunk)[14](index=14&type=chunk) - Project CO Bar (**1,211 MW**, **824 MWh**) **COD delayed** to **2H 2027** due to regulatory reform and interconnection hurdles[15](index=15&type=chunk) [European Project Development](index=7&type=section&id=2.3%20European%20Project%20Development) Enlight's European segment saw a 24% revenue increase in Q3 2024. The Pupin project in Serbia is nearing initial COD ahead of schedule, and the Gecama Wind project in Spain demonstrated strong performance with increased volumes and effective hedging strategies. The Gecama Hybrid project is also set to begin construction - Europe **segment revenues increased** to **$46m**, **up 24%** from **3Q23**, with **operating capacity** rising to **1,233 MW**[16](index=16&type=chunk) - Pupin project in Serbia completed **construction** and is undergoing testing, with initial **COD expected** ahead of schedule[17](index=17&type=chunk) - Gecama **Wind project** in Spain saw **40% revenue increase**, selling electricity at an average of **EUR 96 per MWh** (vs. **EUR 76 last year**) and **production volumes up 8%**[6](index=6&type=chunk)[17](index=17&type=chunk) - Enlight's **hedging strategy** for Gecama covers **65%** of anticipated **generation** for the rest of **2024** at **EUR 100 per MWh**, and **60%** for **2025** at approximately **EUR 65 per MWh**[17](index=17&type=chunk) [MENA Project Development](index=7&type=section&id=2.4%20MENA%20Project%20Development) The MENA segment was a significant growth driver, contributing 51% of Q3 revenues with a 223% increase from 3Q23. The Israel Solar and Storage Cluster completed its build-out, and Enlight continues to expand into Israel's deregulated power market through new corporate PPAs - MENA **segment revenues increased** to **$56m**, **up 223%** from **3Q23**, with **operating capacity** rising to **705 MW** and **625 MWh**[17](index=17&type=chunk) - The Israel Solar and Storage Cluster completed its build-out with the **COD** of Faran, Lavi, and Mahanayim, adding **55 MW** and **160 MWh**[18](index=18&type=chunk) - The Cluster is **expected** to generate **$34-36m** in **revenue** and **$24-26m** in **EBITDA** in its first full **operating year**[18](index=18&type=chunk) - Signed **3 new corporate PPAs** this quarter, totaling over **15 corporate PPAs** in the past two years, serving Israel's **deregulated power market**[18](index=18&type=chunk) [Financial Performance Overview](index=3&type=section&id=Financial%20Performance%20Overview) Enlight's Q3 2024 revenues significantly increased due to new projects and existing sites, while net income saw a slight decrease, and Adjusted EBITDA surged, reflecting strong operational growth [Revenue Analysis](index=3&type=section&id=3.1%20Revenue%20Analysis) Enlight's revenues significantly increased in Q3 2024 and for the nine months ended September 30, 2024, driven by newly operational projects and higher production from existing sites. The MENA and Europe segments were the largest contributors, with the US segment showing substantial growth Revenue by Segment ($ thousands) | Segment | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | MENA | 121,607 | 46,949 | 55,566 | 17,192 | | Europe | 147,164 | 126,701 | 46,041 | 37,171 | | USA | 8,611 | 1,965 | 5,180 | 1,965 | | Management and Construction | 7,208 | 6,261 | 2,708 | 1,991 | | **Total Revenues** | **284,590** | **181,87

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, Israel, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the third quarter ending September 30, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.  The entire suite of the Company’s 3Q24 ...

TEL AVIV, Israel, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that it will host an Investor Event at the Tel Aviv Stock Exchange on Tuesday, November 19, 2024.  Gilad Yavetz, Co-founder and CEO, as well as additional members of Enlight’s executive leadership team will speak about the Company’s performance, projects, strategy, and growth plans across its business segments. Prepared rem ...

TEL AVIV, Israel, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, NASDAQ: ENLT, TASE: ENLT.TA), a leading global renewable energy platform, today announced it will release its financial results for the third quarter ended September 30, 2024, before market open on Wednesday, November 13, 2024. Conference Call Information Enlight will host a conference call to review its financial results and business outlook at 8:00 AM ET on Wednesday, November 13, 2024. Management will deliver prepare ...

The Cluster includes 12 facilities, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh, and produces over 50% of the clean electricity in Israel's newly deregulated power market Distributed generation facilities located in northern and southern Israel strengthen the energy and economic security of the agricultural communities involved in the Cluster TEL AVIV, Israel, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ("Enlight", "the Company", NASDAQ: ENLT, TA ...