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Enlight Renewable Energy .(ENLT) - 2024 Q1 - Earnings Call Transcript
2024-05-12 14:45
Financial Data and Key Metrics Changes - The company's revenue increased to $90 million, up 27% year over year from $71 million, driven by new operational projects despite lower electricity prices in Spain [36][85] - Adjusted EBITDA grew by 28% to $68 million compared to $54 million in the same period last year [66][85] - Net income declined by 26% to $24 million from $33 million last year due to unusually high finance income in 2023 [66][85] Business Line Data and Key Metrics Changes - The Gecama project generated approximately $20 million in revenues, but its contribution fell 6% year over year due to lower Spanish power prices [6] - In Israel, 7 of the 12 solar plus storage cluster units are now operational, contributing $3 million, compared to none in the same period last year [14] - The Atrisco project in New Mexico is on schedule, with the solar component expected to reach COD in Q3 and the storage part in Q4 [8][33] Market Data and Key Metrics Changes - European energy prices are normalizing, leading to more attractive project acquisition opportunities [3] - In Spain, the average selling price of power was €65 per MWh this quarter, down from €85 per MWh in the same period last year [6] - The U.S. market is experiencing rising power demand, particularly from data centers, which is expected to drive PPA pricing higher [4][86] Company Strategy and Development Direction - The company plans to triple its generation and storage capacity to 5.1 GW and 5.7 GWh by 2026 [2] - The focus is on executing a robust project portfolio, with several projects expected to start construction in 2024 totaling 810 MW and 2.0 GWh [8][76] - The company is exploring M&A options related to the increasing electricity demand from data centers [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational track and the ability to meet construction timelines for major projects [46] - The company does not expect lower merchant prices to impact its financial outlook for 2024, with a resilient strategy in place [65] - Long-term power prices in Europe remain high, reflecting attractive returns for the operational and development portfolio [68] Other Important Information - The company reached financial close on two smaller projects in Hungary, recovering $29 million of excess equity invested [3] - Equipment prices for solar panels and batteries have fallen by 30% to 35% since the beginning of 2023, contributing to improved project returns [8][34] - The company has $325 million of revolving credit facilities available, none of which have been drawn [37] Q&A Session Summary Question: Changes in module supply due to AD/CVD case - Management noted that the market remains stable in terms of supply and pricing, with a focus on increasing U.S. content [16][17] Question: Timing for securing domestic content adder - The company is aligning projects to benefit from domestic content, expecting to secure the adder by 2027 [19] Question: Participation in RFPs from data centers - Management indicated that they are exploring opportunities related to increased demand from utilities driven by data centers [42][43] Question: Expectations for bottlenecks in project execution - Management expressed confidence in their operational and procurement decisions to avoid bottlenecks [46][47] Question: Impact of low merchant pricing in Spain - Management reassured that even with a 50% reduction in merchant prices, EBITDA would only drop by 2% from the midpoint of guidance [65][49] Question: Availability of tax equity for U.S. development pipeline - Management indicated strong demand for tax equity due to long-term PPAs and a solid project profile [51]
Enlight Renewable Energy .(ENLT) - 2024 Q1 - Quarterly Report
2024-05-08 10:01
Exhibit 99.1 Press Release ENLIGHT RENEWABLE ENERGY REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, May 8, 2024 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter March 31, 2024. The Company's earnings webcast will be held today at 8:00 AM ET. A link to this webcast can be found at the end of this earnings release. The entire suite of the ...
Enlight Renewable Energy .(ENLT) - 2023 Q4 - Annual Report
2024-03-28 10:05
Washington, D.C. 20549 FORM 20-F (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...
Enlight Renewable Energy .(ENLT) - 2023 Q4 - Annual Report
2024-03-28 10:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2024 (Translation of registrant's name into English) 13 Amal St., Afek Industrial Park Rosh Ha'ayin, Israel + 972 (3) 900-8700 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ F ...
Enlight Renewable Energy Reports Fourth Quarter 2023 Financial Results
Newsfilter· 2024-02-26 11:00
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, Israel, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ:ENLT, TASE: ENLT))) today reported financial results for the fourth quarter and full year ended December 31, 2023. The Company's earnings webcast will be held today at 8:00 AM ET. A link to this webcast can be found at the end of this earnings release.  The entire suite of the Company's 4Q23 financial results can be found on o ...
Enlight to Report Fourth Quarter and Full Year 2023 Financial Results on Monday, February 26, 2024
Globenewswire· 2024-02-12 21:30
TEL AVIV, Israel, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”) (NASDAQ: ENLT, TASE: ENLT), a leading global renewable energy platform, today announced it will release its financial results for the fourth quarter and full year ended December 31, 2023, before market open on Monday, February 26, 2024. Conference Call Information Enlight will host a conference call to review its financial results and business outlook on Monday, February 26, 2024 at 8:00 a.m. ET. Management will deliver ...
Enlight to Report Fourth Quarter and Full Year 2023 Financial Results on Monday, February 26, 2024
Newsfilter· 2024-02-12 21:30
TEL AVIV, Israel, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ("Enlight") (NASDAQ:ENLT, TASE: ENLT))), a leading global renewable energy platform, today announced it will release its financial results for the fourth quarter and full year ended December 31, 2023, before market open on Monday, February 26, 2024. Conference Call Information Enlight will host a conference call to review its financial results and business outlook on Monday, February 26, 2024 at 8:00 a.m. ET. Management will delive ...
Enlight Announces Participation at the Bank of America Power Utilities & Clean Energy Conference
Newsfilter· 2024-02-08 16:50
TEL AVIV, Israel, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ("Enlight") (NASDAQ:ENLT, TASE: ENLT))), a leading global renewable energy platform, today announced its participation in the Bank of America Power Utilities & Clean Energy Conference in New York City on Monday, March 4, 2024. Management will be available for one-on-one and small group meetings with institutional investors during the conference. For more information about the conference or to request a meeting, please contact your ...
Enlight Renewable Energy .(ENLT) - 2023 Q3 - Quarterly Report
2023-11-19 16:00
Exhibit 99.1 Press Release ENLIGHT RENEWABLE ENERGY REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, November 20, 2023 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the third quarter ended September 30, 2023. The Company's quarterly earnings materials and a link to the earnings webcast, which will be held today at 8:00 AM ET, may be found on the invest ...
Enlight Renewable Energy .(ENLT) - 2023 Q2 - Quarterly Report
2023-08-08 16:00
Exhibit 99.1 Press Release TEL AVIV, ISRAEL, August 09, 2023 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the second quarter ended June 30, 2023. The Company's quarterly earnings materials and a link to the earnings webcast, which will be held today at 8:00 AM ET, may be found on the investor relations section of Enlight's website at https://enlightenergy.co.il/data/financial-reports/ Second Quarter 2023: Financial Highlights First Half 2023: Financial High ...