Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

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]