6-K
Enlight Renewable Energy Ltd. (ENLT)
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 November 2024
Commission File Number: 001-41613
Enlight Renewable Energy Ltd.
(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 ☒ Form 40-F ☐
EXPLANATORY NOTE
On November 13, 2024, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Third-Quarter 2024 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Third Quarter 2024.” Details of the conference call are provided in the press release. A copy of the press release, as well as supplemental appendices containing further information regarding the Company’s financial results for the nine-month period ended September 30, 2024 and other operational updates, is furnished as Exhibit 99.1 herewith and a copy of the presentation is furnished as Exhibit 99.2 herewith.
Incorporation by Reference
Other than as indicated below, the information in this Form 6-K (including in Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
The IFRS financial information contained in the (i) consolidated statements of financial position, (ii) consolidated statements of income and (iii) consolidated statements of cash flows included in the press release attached as Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-271297).
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Enlight Renewable Energy Ltd. | ||
|---|---|---|
| Date: November 13, 2024 | By: | /s/ Nir Yehuda |
| Nir Yehuda | ||
| Chief Financial Officer |
3
Exhibit 99.1
Press Release
ENLIGHT RENEWABLE ENERGY REPORTS
THIRD QUARTER 2024 FINANCIAL RESULTS
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, ISRAEL, November 13, 2024 – 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 financial results can be found on our IR website at
https://enlightenergy.co.il/data/financial-reports/
Financial Highlights
9 months ending September 30, 2024
| • | Revenue of $285m, up 56% year over year |
|---|---|
| • | Adjusted EBITDA^1^ of $214m, up 50% year over year |
| --- | --- |
| • | Net income of $58m, down 29% year over year |
| --- | --- |
| • | Cash flow from operations of $158m, up 25% year over year |
| --- | --- |
3 months ending September 30, 2024
| • | Revenue of $109m, up 88% year over year |
|---|---|
| • | Adjusted EBITDA^1^ of $88m, up 86% year over year |
| --- | --- |
| • | Net income of $24m, down 7% year over year |
| --- | --- |
| • | Cash flow from operations of $66m, up 115% year over year |
| --- | --- |
^1^ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2
Raising full year guidance range
The results of Enlight’s operations during the third quarter and first nine months of 2024 have been excellent. Revenues and EBITDA have been higher than our expectations after achieving sound operational performance. As a result, we are raising our full year guidance ranges for 2024. We now expect 2024 revenues in the range of $355-$370m from $345-$360m previously, and adjusted EBITDA^1^in the range of $255-$270m from $245-$260m previously. This represents an increase of $10m from previous midpoints of both revenues and Adjusted EBITDA, and further demonstrates our confidence in the positive trends and strong growth in all areas of our business.
Third Quarter Business Developments
| • | Excellent operational performance at Israel and European wind sites leads to very high growth in revenues and adjusted EBITDA. Generation volumes up 11% year on year from existing projects. |
|---|---|
| • | CODs achieved at projects Atrisco Solar in the U.S. (364 MW) and Solar and Storage in Israel (55 MW & 160 MWh); representing $28-31m in revenues and $20-23m in EBITDA on a first full year basis. Atrisco Energy Storage COD is expected<br> in the coming weeks, representing an additional $32-33m in revenues and $27-28m in EBITDA on a first full year basis |
| --- | --- |
| • | Construction has begun at projects Country Acres, Quail Ranch, and Roadrunner, (810 MW & 2.0 GWh in total) all located in the western U.S. These projects represent a combined $132-141m in revenues and $108-114 m in EBITDA on a first<br> full year basis, and are expected to reach COD in 2025-26. |
| --- | --- |
| • | Project Snowflake A, with 600 MW solar generation and 1.9 GWh energy storage capacity is being introduced into the Mature phase Portfolio at Pre-construction status. Located in Arizona, it is expected to begin construction in 3Q 2025 and<br> reach COD in mid-2027. The project was drawn from the Company’s Advanced Development phase Portfolio, and is expected to generate $115-125m in revenues and $95-105m in EBITDA on a first full year basis. |
| --- | --- |
| • | A new power purchase agreement (“PPA”) was recently signed with Arizona Public Service for Snowflake A. The busbar fixed price agreement encompasses the project’s full solar and energy storage capacity for a duration of 20 years. |
| --- | --- |
| • | Operational portfolio grew by 418 MW and 191 MWh. 600 MW and 1,650 MWh added to the Mature phase Portfolio since the last quarter’s earnings report. |
| --- | --- |
“We are proud of another set of excellent financial results for Enlight, as well another increase in our 2024 guidance ranges for the second consecutive quarter this year,” said Gilad Yavetz, CEO of Enlight Renewable Energy.
“Enlight continues to grow in a balanced manner with the force multiplier of our diversification in three geographies and technologies creating a particularly powerful growth matrix. Construction is starting on three major projects in the US which are expected to reach completion in 2025-26. We have also announced the acceleration of development of Snowflake A, which will be another leap forward for Enlight. Next year, we expect the U.S. to reach 15% of the company's total revenues.
“Industry and macro fundamentals are supportive across all the geographies in which we are present. Demand for electricity is soaring, and as renewable energy is the main response to this need in the coming years, we remain optimistic about our growth and expansion plans.”
Overview of Financial and Operating Results: Revenue
| ($ thousands) | For the nine months period ended | For the three months ended | ||
|---|---|---|---|---|
| Segment | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 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 | 181,876 | 109,495 | 58,319 |
In the third quarter of 2024, the Company’s revenues increased to $109m, up from $58m last year, a growth rate of 88% year over year. The Company benefited from the revenue contribution of newly operational projects, as well as higher revenues from existing projects.
Since the third quarter of 2023, 823 MW and 536 MWh of projects were connected to the grid and began selling electricity, including Genesis Wind in Israel, nine of the Solar & Storage Cluster units in Israel, Tapolca in Hungary, and Atrisco in the U.S, which only began selling electricity at the end of the quarter. The most important of these is Genesis Wind which contributed $15m to revenue, followed by the Israel Storage and Solar Cluster, which added an additional $16m. In total, new projects contributed $33m.
The Company also benefited from high production levels at selected existing sites, as well as the full ramp-up of other newly operational projects. Overall generation output in 3Q24 from existing projects rose 11%, contributing $6m, while improved merchant pricing contributed $3m to current quarter revenues. Apex Solar in the U.S, Björnberget in Sweden, and AC/DC in Hungary operated at full capacity during 3Q24 compared to partial operations last year, while the final components of the Solar and Storage Cluster in Israel came online earlier than anticipated. Additional sites are in development and under construction.
Prices at projects where electricity is sold under a merchant model were strong during the third quarter. Gecama revenues increased 40% year over year to $18m as the project benefited from positive pricing and production trends. We sold electricity at an average of EUR 96 per MWh versus EUR 76 per MWh for the same period last year, while production volumes increased 8% year over year.
Revenues were distributed between MENA, Europe, and the US, with 51% of revenues in the third quarter of 2024 denominated in Israeli Shekel, 39% in Euros, and 6% in denominated US Dollars. With project Atrisco expected to be fully operational in the coming weeks, we expect approximately 15% of revenues to come from the U.S. in 2025, adding more balance and diversification to Enlight’s revenues.
Net Income
In the third quarter, the Company’s net income amounted to $24m compared to $26m last year, a decrease of 7% year over year. New projects and existing operations added $13m to net income. This was reduced by a $4m loss on the revaluation of foreign currency assets due to volatility in the Shekel/Dollar rate during the quarter, and can be contrasted with a $6m non-cash profit in 3Q23 on the mark to market of interest rate hedges linked to Atrisco’s financial close.
In addition, a number of one-off items occurred in both this quarter and the same period last year. In 3Q24 the Company recorded a $7m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera, as well as $8m in compensation from Siemens linked to inadequate performance of turbines at the Björnberget project in Sweden. In 3Q23, the Company recorded a $9m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera, as well as $7m profit from the sale of non-core assets in the U.S.
Adjusted EBITDA^2^
In the third quarter of 2024, the Company’s Adjusted EBITDA grew by 86% to $88m compared to $47m for the same period in 2023. The increase in EBITDA was driven by the same factors that drove the revenue increase, namely new and already operating projects, contributing $49m. This was offset by an additional $9m in higher operating expenses linked to new projects, while company overheads rose by $3m year-on-year. In addition, we received $10m in compensation from Siemens linked to inadequate performance of turbines at the Björnberget project in Sweden. Finally, we note that Adjusted EBITDA in 3Q23 benefitted from $8m in one-off profit from the sale of non-core assets in the U.S.
^2^ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.
Portfolio Overview^3^
Key changes to the Company’s project portfolio during the third quarter of 2024:
| • | Operational portfolio grew by 418 MW and 191 MWh |
|---|---|
| • | Mature phase portfolio grew by 604 MW and 1,657 MWh |
| --- | --- |
Enlight US
Revenues of $5m. Operating capacity of 470 MW, increasing from 106 MW in 3Q23.
Enlight has significantly increased its investment into the United States during 2024, making this region an important source of installed capacity expansion as well as growth in future earnings for the Company. Equipment costs remain low, supporting our project returns. Despite new AD/CVD regulations, we maintain a steady source of PV panel supply, procuring equipment from India and non-affected Southeast Asian countries.
Our flagship Atrisco solar and energy storage project, with 364 MW of solar capacity and 1.2 GWh of battery storage located in New Mexico, completed construction during the quarter. The solar component achieved full COD in October, and COD for the energy storage component is expected in the coming weeks. When fully commenced, Atrisco is expected to generate $51-55m in revenues and $41-45m in EBITDA during its first full year of operation. We continued to take further strides in building out our US presence during the quarter as three projects entered into construction. Quail Ranch has attained all required permits and site work is expected to begin by the end of this year, while engineering operations and site works are already underway at Roadrunner and Country Acres. Together, these three projects comprise of 810 MW solar generation and over 2 GWh of energy storage capacity, and are expected to generate $132-141m in revenues and $108-114m in EBITDA during their first full year of operation.
^3^ As of November 12, 2024, the “Approval Date”
Snowflake A enters the Mature Phase Portfolio
Project Snowflake A, a solar project located near Holbrook, Arizona, is being introduced into the Mature phase Portfolio at Pre-construction status. This new addition is another example of Enlight’s ability to convert high-quality assets from its large Advanced Development phase Portfolio into projects ready for construction.
The project has a capacity of 600 MW solar generation and 1.9 GWh energy storage capacity, and a busbar fixed price PPA has recently been signed with Arizona Public Service encompassing Snowflake A’s full generation and storage capacity for a duration of 20 years. The project is in the final stages of pre-construction permitting, and assuming all necessary permits are obtained, is expected to reach ready-to-build (RTB) status in the third quarter of 2025 and commence commercial operation (COD) in mid-2027. The PPA provides that if a certain required permit is not obtained by March 1, 2025, Enlight is entitled to terminate the PPA without any material termination costs.
Snowflake A is one of the most significant projects in Enlight's portfolio, both in terms of size and profitability. The total project cost is expected to reach between $1.50-1.57bn, with the contribution from investment tax credits expected to be $625-657m, resulting in a total project cost net of tax credits of $873-917m. Snowflake A is expected to generate $115-125m in revenues and $95-105m in EBITDA on a first full year basis.
The project is the first of two linked projects that are planned for the site. A second phase is being developed for an additional 650 MW of solar generation capacity and 2.1 GWh of energy storage availability. This represents another implementation of Enlight’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity, in turn lowering the costs and risks of building new sites.
CO Bar update
Project CO Bar, located in Arizona and with capacity of 1,211 MW and 824 MWh, has been delayed for another year. Following the start of Arizona Public Service’s queue reform process in November 2023, we had assumed this project would reach COD in 2H 2026. However, due to the regulatory reform process having taken longer than expected to complete and additional hurdles in achieving an interconnection agreement, we now expect this project to reach COD in 2H 2027. The project is expected to generate $125-130m in revenues and $97-102m in EBITDA on a first full year basis once complete.
Enlight Europe
Revenues of $46m, up 24% from 3Q23. Operating capacity of 1,233 MW, rising from 1,173 MW in 3Q23.
Construction has been completed at project Pupin, located in Serbia, where the site has been connected to the national grid, and the first wind turbines are now undergoing testing. Initial COD is expected in the coming weeks, more than half a year ahead of schedule. Pupin will sell 72% of the electricity it generates to the state-owned utility Elektroprivreda Srbije based on a market premium agreement using a CFD structure priced at EUR 68.88 per MWh and indexed to the Eurostat CPI.
Moving to our operational portfolio, the Gecama Wind project in Spain sold electricity at an average price of EUR 96 per MWh during 3Q24 compared to EUR 76 per MWh in the same quarter last year. During the quarter, 31% of production was sold at merchant price of EUR 86 per MWh, while 69% of production was secured under a financial hedge at EUR 100 per MWh. Gecama demonstrated good performance on an operational level, with quarterly volumes up 8% when compared to the same period last year.
Enlight’s hedging strategy provided significant protection against volatility in prices, and will continue to do so for the rest of the year. Our EUR 100 per MWh hedge will cover 65% of Gecama’s anticipated generation for the rest of 2024 on an average basis. Enlight has already begun preparing a hedging strategy for 2025, and has entered into futures contracts covering 60% of our estimated generation output for next year at an approximate price of EUR 65 per MWh.
The Company expects to begin construction of the Gecama Hybrid in the coming months. This project will add 225 MW solar generation and 220 MWh storage capacity to the existing wind farm.
Enlight MENA
Revenues of $56m, up 223% from 3Q23. Operating capacity of 705 MW and 625 MWh, increasing from 528 MW and 135 MWh in 3Q23.
The MENA segment contributed 51% of the third quarter’s revenues, illustrating the potential for growth of this region, as well as the geographic diversification of revenues and investments within the Company. The market outlook is positive. Regulatory bodies in Israel are releasing larger tracts of land for the purposes of new renewable energy projects, with a special emphasis on agrivoltaic dual land use applications. Power market deregulation is leading to more attractive electricity pricing and an increase in the demand for energy storage.
The build out of the Israel Solar and Storage Cluster concluded during the quarter with the COD of Faran, Lavi, and Mahanayim, adding 55 MW and 160 MWh to the project’s operational capacity. These were the tenth, eleventh, and twelfth units of the Cluster, which comprises 12 sites in the north and south of Israel, with a total capacity of 248 MW and 625 MWh. Additional sites are in development and under construction. The Cluster is expected to generate revenue of $34-36m and EBITDA of $24-26m in the first full operating year, before taking into account the additional margin generated by Enlight’s supplier division.
We continue to expand further into Israel’s electricity market, signing 3 new corporate PPAs this quarter with clients in the electronics and industrial sectors. In total, the Company has entered into more than 15 corporate PPAs in the past two years, with volumes sold corresponding to the entire generation volume of the projects we have allocated to serving the country’s newly deregulated power market.
Financing Arrangements
On October 10, 2024, the Company raised approximately $133m of debt in Israel by way of expanding its existing Series D notes traded on the Tel Aviv Stock Exchange. The notes were sold at an effective yield of 6.3%, with a duration of 3.7 years. The Company intends to use the net proceeds from the offering for investments in its large-scale portfolio in the United States, Europe and MENA.
Sell downs of assets, whether operating, under construction, or still in development, remains an important strategic objective for Enlight. The Company includes $15m from sell-downs, to be realized towards the end of this year, in the Adjusted EBITDA portion of our 2024 Financial Outlook.
Balance Sheet
The Company maintains $320m of revolving credit facilities, none of which have been drawn as of the date of this report. These resources enhance our financial strength and provide additional flexibility to the Company as it delivers on its Mature Projects portfolio.
| ($ thousands) | September 30, 2024 |
|---|---|
| Cash and Cash Equivalents: | |
| Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”) | 10,833 |
| Subsidiaries | 167,337 |
| Deposits: | |
| Short term deposits | - |
| Restricted Cash: | |
| Projects under construction | 189,596 |
| Reserves, including debt service, performance obligations and others | 41,706 |
| Total Cash | 409,472 |
2024 Financial Outlook
Commenting on the outlook, Enlight Chief Financial Officer Nir Yehuda noted, “our financial performance has been very strong over the third quarter and first nine months of 2024. As a result, we are raising our guidance ranges of our Financial Outlook for the full year.”
| • | Revenue between $355m and $370m (from $345m to $360m previously) |
|---|---|
| • | Adjusted EBITDA^4^ between $255m and $270m (from $245m to $260m previously) |
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| • | 90% of 2024’s expected generation output will be sold at fixed prices either through hedges or PPAs. |
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Conference Call Information
Enlight plans to hold its Third Quarter 2024 Conference Call and Webcast on Wednesday, November 13, 2024 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:
| • | Conference Call:<br><br> <br><br><br> <br>Please pre-register to join by conference call using the following link:<br><br> <br> <br>https://register.vevent.com/register/BI281173453e3b42cdad641356114470c6<br><br> <br> <br>Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN. |
|---|---|
| • | Webcast:<br><br> <br><br><br> <br>Please register and join by webcast at the following link:<br><br> <br> <br>https://edge.media-server.com/mmc/p/u5zto3p9 |
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The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.
^4^ The section titled “Non-IFRS Financial Measures” below contains a description of Adjusted EBITDA, a non-IFRS financial measure discussed in this press release. A reconciliation between Adjusted EBITDA and Net Income, its most directly comparable IFRS financial measure, is contained in the tables below. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. We note that “Adjusted EBITDA” measures that we disclosed in previous filings in Israel were not comparable to “Adjusted EBITDA” disclosed in the release and in our future filings.
Supplemental Financial and Other Information
We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.
Non-IFRS Financial Measures
This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.
We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, capital gains as well as compensation for inadequate performance of goods and services procured by the Company are included in other income, net. With respect to other income (expense) mentioned above, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains and losses from these asset dispositions in Adjusted EBITDA. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.
Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenue and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About Enlight
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.
Company Contacts
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Appendix 1 – Financial information
Consolidated Statements of Income
| For the three months ended <br> at September 30 | |||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | |||||
| in | in | in | |||||
| thousands | thousands | thousands | |||||
| Revenues | |||||||
| Cost of sales | ) | ) | ) | ) | |||
| Depreciation and amortization | ) | ) | ) | ) | |||
| Gross profit | |||||||
| General and administrative expenses | ) | ) | ) | ) | |||
| Development expenses | ) | ) | ) | ) | |||
| Other income, net | |||||||
| ) | |||||||
| Operating profit | |||||||
| Finance income | |||||||
| Finance expenses | ) | ) | ) | ) | |||
| Total finance expenses, net | ) | ) | ) | ) | |||
| Profit before tax and equity loss | |||||||
| Share of loss of equity accounted investees | ) | ) | ) | ) | |||
| Profit before income taxes | |||||||
| Taxes on income | ) | ) | ) | ) | |||
| Profit for the period | |||||||
| Profit for the period attributed to: | |||||||
| Owners of the Company | |||||||
| Non-controlling interests | |||||||
| Earnings per ordinary share (in ) | |||||||
| with a par value of NIS 0.1, attributable to | |||||||
| owners of the parent Company: | |||||||
| Basic earnings per share | |||||||
| Diluted earnings per share | |||||||
| Weighted average of share capital used in the | |||||||
| calculation of earnings: | |||||||
| Basic per share | |||||||
| Diluted per share |
All values are in US Dollars.
| Consolidated Statements of Financial Position as of | ||
|---|---|---|
| September 30 | December 31 | |
| --- | --- | --- |
| 2024 | 2023 | |
| USD in | USD in | |
| Thousands | Thousands | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 178,170 | 403,805 |
| Deposits in banks | - | 5,308 |
| Restricted cash | 189,596 | 142,695 |
| Trade receivables | 52,454 | 43,100 |
| Other receivables | 58,945 | 60,691 |
| Current maturities of contract assets | - | 8,070 |
| Other financial assets | 4,544 | 976 |
| Total current assets | 483,709 | 664,645 |
| Non-current assets | ||
| Restricted cash | 41,706 | 38,891 |
| Other long-term receivables | 62,511 | 32,540 |
| Deferred costs in respect of projects | 287,539 | 271,424 |
| Deferred borrowing costs | 406 | 493 |
| Loans to investee entities | 49,295 | 35,878 |
| Contract assets | - | 91,346 |
| Fixed assets, net | 3,599,325 | 2,947,369 |
| Intangible assets, net | 292,147 | 287,961 |
| Deferred taxes assets | 12,965 | 9,134 |
| Right-of-use asset, net | 181,656 | 121,348 |
| Financial assets at fair value through profit or loss | 73,846 | 53,466 |
| Other financial assets | 59,594 | 79,426 |
| Total non-current assets | 4,660,990 | 3,969,276 |
| Total assets | 5,144,699 | 4,633,921 |
Consolidated Statements of Financial Position as of (Cont.)
| September 30 | December 31 | |
|---|---|---|
| 2024 | 2023 | |
| in | in | |
| Thousands | Thousands | |
| Liabilities and equity | ||
| Current liabilities | ||
| Credit and current maturities of loans from | ||
| banks and other financial institutions | ||
| Trade payables | ||
| Other payables | ||
| Current maturities of debentures | ||
| Current maturities of lease liability | ||
| Financial liabilities through profit or loss | ||
| Other financial liabilities | ||
| Total current liabilities | ||
| Non-current liabilities | ||
| Debentures | ||
| Other financial liabilities | ||
| Convertible debentures | ||
| Loans from banks and other financial institutions | ||
| Loans from non-controlling interests | ||
| Financial liabilities through profit or loss | ||
| Deferred taxes liabilities | ||
| Employee benefits | ||
| Lease liability | ||
| Other payables | ||
| Asset retirement obligation | ||
| Total non-current liabilities | ||
| Total liabilities | ||
| Equity | ||
| Ordinary share capital | ||
| Share premium | ||
| Capital reserves | ||
| Proceeds on account of convertible options | ||
| Accumulated profit | ||
| Equity attributable to shareholders of the Company | ||
| Non-controlling interests | ||
| Total equity | ||
| Total liabilities and equity |
All values are in US Dollars.
Consolidated Statements of Cash Flows
| For the nine months period <br> ended September 30 | For the three months period <br> ended September 30 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||
| in | in | in | in | |||||
| Thousands | Thousands | Thousands | Thousands | |||||
| Cash flows for operating activities | ||||||||
| Profit for the period | ||||||||
| Income and expenses not associated with cash flows: | ||||||||
| Depreciation and amortization | ||||||||
| Finance expenses, net | ||||||||
| Share-based compensation | ||||||||
| Taxes on income | ||||||||
| Other income, net | ) | ) | ) | ) | ||||
| Company’s share in losses of investee partnerships | ||||||||
| Changes in assets and liabilities items: | ||||||||
| Change in other receivables | ) | |||||||
| Change in trade receivables | ) | ) | ) | |||||
| Change in other payables | ) | ) | ||||||
| Change in trade payables | ) | ) | ||||||
| ) | ) | |||||||
| Interest receipts | ||||||||
| Interest paid | ) | ) | ) | ) | ||||
| Income Tax paid | ) | ) | ) | ) | ||||
| Repayment of contract assets | ||||||||
| Net cash from operating activities | ||||||||
| Cash flows for investing activities | ||||||||
| Sale (Acquisition) of consolidated entities, net | ) | ) | ||||||
| Changes in restricted cash and bank deposits, net | ) | ) | ) | ) | ||||
| Purchase, development, and construction in respect of projects | ) | ) | ) | ) | ||||
| Loans provided and Investment in investees | ) | ) | ) | ) | ||||
| Repayment of loans to investees | ||||||||
| Payments on account of acquisition of consolidated entity | ) | ) | ) | ) | ||||
| Proceeds from sale (purchase) of financial assets measured at fair value through profit or loss, net | ) | ) | ||||||
| Net cash used in investing activities | ) | ) | ) | ) |
All values are in US Dollars.
Consolidated Statements of Cash Flows (Cont.)
| For the nine months period <br> ended September 30 | For the three months period <br> ended September 30 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||
| in | in | in | in | |||||
| Thousands | Thousands | Thousands | Thousands | |||||
| Cash flows from financing activities | ||||||||
| Receipt of loans from banks and other financial institutions | ||||||||
| Repayment of loans from banks and other financial institutions | ) | ) | ) | ) | ||||
| Issuance of debentures | ||||||||
| Repayment of debentures | ) | ) | ) | ) | ||||
| Dividends and distributions by subsidiaries to non- controlling interests | ) | ) | ) | ) | ||||
| Proceeds from investments by tax-equity investors | ||||||||
| Deferred borrowing costs | ) | ) | ) | ) | ||||
| Receipt of loans from non-controlling interests | ||||||||
| Repayment of loans from non-controlling interests | ) | ) | ) | ) | ||||
| Increase in holding rights of consolidated entity | ) | |||||||
| Issuance of shares | ||||||||
| Exercise of share options | ||||||||
| Repayment of lease liability | ) | ) | ) | ) | ||||
| Proceeds from investment in entities by non- controlling interest | ||||||||
| Net cash from financing activities | ||||||||
| Increase (Decrease) in cash and cash equivalents | ) | ) | ) | |||||
| Balance of cash and cash equivalents at beginning of period | ||||||||
| Effect of exchange rate fluctuations on cash and cash equivalents | ) | ) | ) | |||||
| Cash and cash equivalents at end of period |
All values are in US Dollars.
Segmental Reporting
| For the nine months ended September 30, 2024 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MENA(**) | Europe(**) | USA | Management and Construction | Total reportable segments | Adjustments | Total | |||||||||
| in thousands | |||||||||||||||
| External revenues | 147,164 | 8,611 | 7,208 | 284,590 | - | 284,590 | |||||||||
| Inter-segment revenues | - | - | 6,651 | 6,651 | (6,651 | ) | - | ||||||||
| Total revenues | 147,164 | 8,611 | 13,859 | 291,241 | (6,651 | ) | 284,590 | ||||||||
| Segment Adjusted | |||||||||||||||
| EBITDA | 129,386 | 5,863 | 3,858 | 238,766 | - | 238,766 | |||||||||
| Reconciliations of unallocated amounts: | |||||||||||||||
| Headquarter costs (*) | (25,108 | ) | |||||||||||||
| Intersegment profit | 112 | ||||||||||||||
| Depreciation and amortization and share-based compensation | (84,004 | ) | |||||||||||||
| Other incomes not attributed to segments | 13,795 | ||||||||||||||
| Operating profit | 143,561 | ||||||||||||||
| Finance income | 18,299 | ||||||||||||||
| Finance expenses | (85,836 | ) | |||||||||||||
| Share in the losses of equity accounted investees | (1,737 | ) | |||||||||||||
| Profit before income taxes | 74,287 |
All values are in US Dollars.
| (*) | Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). |
|---|---|
| (**) | Due to the Company's organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management<br> and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the "Europe" segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the<br> nine-months and three-months periods ending September 30, 2023, have been updated accordingly. |
| --- | --- |
Segmental Reporting
| For the nine months ended September 30, 2023 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MENA | Europe | USA | Management and Construction | Total reportable segments | Adjustments | Total | |||||||||
| in thousands | |||||||||||||||
| External revenues | 126,701 | 1,965 | 6,261 | 181,876 | - | 181,876 | |||||||||
| Inter-segment revenues | - | - | 3,566 | 3,566 | (3,566 | ) | - | ||||||||
| Total revenues | 126,701 | 1,965 | 9,827 | 185,442 | (3,566 | ) | 181,876 | ||||||||
| Segment Adjusted | |||||||||||||||
| EBITDA | 113,203 | 1,977 | 2,452 | 166,850 | - | 166,850 | |||||||||
| Reconciliations of unallocated amounts: | |||||||||||||||
| Headquarter costs (*) | (21,912 | ) | |||||||||||||
| Gains from projects disposals | 7,883 | ||||||||||||||
| Intersegment profit | 1,419 | ||||||||||||||
| Repayment of contract asset under concession arrangements | (11,974 | ) | |||||||||||||
| Depreciation and amortization and share-based compensation | (48,185 | ) | |||||||||||||
| Other incomes not attributed to segments | 21,138 | ||||||||||||||
| Operating profit | 115,219 | ||||||||||||||
| Finance income | 44,380 | ||||||||||||||
| Finance expenses | (51,799 | ) | |||||||||||||
| Share in the losses of equity accounted investees | (467 | ) | |||||||||||||
| Profit before income taxes | 107,333 |
All values are in US Dollars.
| (*) | Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). |
|---|
Segmental Reporting
| For the three months ended September 30, 2024 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MENA | Europe | USA | Management and Construction | Total reportable segments | Adjustments | Total | |||||||||
| in thousands | |||||||||||||||
| External revenues | 46,041 | 5,180 | 2,708 | 109,495 | - | 109,495 | |||||||||
| Inter-segment revenues | - | - | 3,800 | 3,800 | (3,800 | ) | - | ||||||||
| Total revenues | 46,041 | 5,180 | 6,508 | 113,295 | (3,800 | ) | 109,495 | ||||||||
| Segment Adjusted | |||||||||||||||
| EBITDA | 46,133 | 4,558 | 1,567 | 97,044 | - | 97,044 | |||||||||
| Reconciliations of unallocated amounts: | |||||||||||||||
| Headquarter costs (*) | (9,479 | ) | |||||||||||||
| Intersegment profit (loss) | (9 | ) | |||||||||||||
| Depreciation and amortization and share-based compensation | (29,033 | ) | |||||||||||||
| Other incomes not attributed to segments | 7,269 | ||||||||||||||
| Operating profit | 65,792 | ||||||||||||||
| Finance income | 3,234 | ||||||||||||||
| Finance expenses | (36,525 | ) | |||||||||||||
| Share in the losses of equity accounted investees | (1,288 | ) | |||||||||||||
| Profit before income taxes | 31,213 |
All values are in US Dollars.
| (*) | Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). |
|---|
Segmental Reporting
| For the three months ended September 30, 2023 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MENA | Europe | USA | Management and Construction | Total reportable segments | Adjustments | Total | |||||||||
| in thousands | |||||||||||||||
| External revenues | 37,171 | 1,965 | 1,991 | 58,319 | - | 58,319 | |||||||||
| Inter-segment revenues | - | - | 924 | 924 | (924 | ) | - | ||||||||
| Total revenues | 37,171 | 1,965 | 2,915 | 59,243 | (924 | ) | 58,319 | ||||||||
| Segment Adjusted | |||||||||||||||
| EBITDA | 29,118 | 1,977 | 658 | 50,521 | - | 50,521 | |||||||||
| Reconciliations of unallocated amounts: | |||||||||||||||
| Headquarter costs (*) | (7,419 | ) | |||||||||||||
| Gains from projects disposals | 7,883 | ||||||||||||||
| Intersegment profit | 718 | ||||||||||||||
| Repayment of contract asset under concession arrangements | (4,527 | ) | |||||||||||||
| Depreciation and amortization and share-based compensation | (18,558 | ) | |||||||||||||
| Other incomes not attributed to segments | 14,063 | ||||||||||||||
| Operating profit | 42,681 | ||||||||||||||
| Finance income | 12,118 | ||||||||||||||
| Finance expenses | (18,368 | ) | |||||||||||||
| Share in the losses of equity accounted investees | (99 | ) | |||||||||||||
| Profit before income taxes | 36,332 |
All values are in US Dollars.
| (*) | Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). |
|---|
Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA
| ($ thousands) | For the nine months | For the three months | ||
|---|---|---|---|---|
| ended September 30 | ended September 30 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net Income | 58,133 | 81,839 | 24,189 | 26,132 |
| Depreciation and amortization | 77,977 | 44,185 | 27,091 | 17,408 |
| Share based compensation | 6,027 | 4,000 | 1,942 | 1,150 |
| Finance income | (18,299) | (44,380) | (3,234) | (12,118) |
| Finance expenses | 85,836 | 51,799 | 36,525 | 18,368 |
| Non-recurring other income, net (*) | (13,795) | (21,138) | (7,269) | (14,063) |
| Share of losses of equity accounted investees | 1,737 | 467 | 1,288 | 99 |
| Taxes on income | 16,154 | 25,494 | 7,024 | 10,200 |
| Adjusted EBITDA | 213,770 | 142,266 | 87,556 | 47,176 |
| * For the purposes of calculating Adjusted EBITDA, capital gains as well as compensation for inadequate performance of goods and services procured by the Company are included in other income, net. |
| Appendix 3 – Debentures Covenants<br><br> <br><br><br> <br>Debentures Covenants<br><br> <br><br><br> <br>As of September 30, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial<br> results:<br><br> <br><br><br> <br>Minimum equity<br><br> <br><br><br> <br>The company's equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million<br> so long as debentures C and D remain outstanding.<br><br> <br>As of September 30, 2024, the company’s equity amounted to NIS 5,495 million.<br><br> <br><br><br> <br>Net financial debt to net CAP<br><br> <br><br><br> <br>The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive<br> financial periods so long as debentures C and D remain outstanding.<br><br> <br>As of September 30, 2024, the net financial debt to net CAP ratio, as defined above, stands at 31%.<br><br> <br><br><br> <br>Net financial debt to EBITDA<br><br> <br><br><br> <br>So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive<br> financial periods.<br><br> <br><br><br> <br>For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.<br><br> <br><br><br> <br>As of September 30, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.<br><br> <br><br><br> <br>Equity to balance sheet<br><br> <br><br><br> <br>The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D<br> remain outstanding.<br><br> <br><br><br> <br>As of September 30, 2024, the equity to balance sheet ratio, as defined above, stands at 66%. |
|---|
Appendix 4 – Mature phase portfolio: 8.2 FGW* operational by 2027
^1^ We expect additional projects currently grouped in the Advanced Development portfolio to reach COD by 2027, however these are not included in these forecasts.
Appendix 5 a) Segment information: Operational projects
| ( thousands) | 9 Months ended September 30 | 3 Months ended September 30 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operational<br> Project <br> Segments | Installed Storage (MWh) | Generation<br><br> (GWh) | Reported Revenue | Segment Adjusted<br><br> EBITDA* | Generation<br><br> (GWh) | Reported Revenue | Segment Adjusted<br><br> EBITDA* | ||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
| MENA | 589 | 1,012 | 418 | 121,607 | 46,949 | 99,659 | 53,886 | 432 | 143 | 55,566 | 17,192 | 44,786 | 23,436 |
| Europe | - | 1,994 | 1,610 | 147,164 | 126,701 | 129,386 | 113,204 | 598 | 535 | 46,041 | 37,170 | 46,133 | 29,119 |
| USA | - | 226 | 54 | 8,611 | 1,965 | 5,863 | 1,977 | 153 | 54 | 5,180 | 1,965 | 4,558 | 1,977 |
| Total Consolidated | 589 | 3,232 | 2,082 | 277,382 | 175,615 | 234,908 | 169,067 | 1,183 | 732 | 106,787 | 56,327 | 95,477 | 54,532 |
| Unconsolidated<br> <br> at Share | - | ||||||||||||
| Total | 589 |
All values are in US Dollars.
| Total Consolidated Q1-Q3 Segment Adjusted EBITDA | 234,908 |
|---|---|
| Less: EBITDA for projects that were not fully operational for Q1-Q3 2024 | (7,461) |
| Annualized Consolidated Adjusted EBITDA | 303,263 |
| Invested capital for projects that were fully operational as of January 1^st^ 2024 | 2,690,000 |
| Asset Level Return on Project Costs | 11.2% |
| b) | Operational Projects Further Detail | |||||||
|---|---|---|---|---|---|---|---|---|
| ( thousands) | 9 Months ended September 30, 2024 | 3 Months ended September 30, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Operational Project | Installed Capacity (MW) | Installed Storage (MWh) | Reported Revenue | Segment Adjusted<br><br> <br>EBITDA* | Reported Revenue | Segment Adjusted EBITDA* | Debt balance as of September 30, 2024 | Ownership %** |
| MENA Wind | 316 | - | 57,820 | 25,424 | 459,001 | 49% | ||
| MENA PV | 364 | 589 | 63,787 | 30,142 | 510,743 | 81% | ||
| Total MENA | 680 | 589 | 121,607 | 99,659 | 55,566 | 44,786 | 969,744 | |
| Europe Wind | 1,090 | - | 136,341 | 40,986 | 698,691 | 61% | ||
| Europe PV | 143 | - | 10,823 | 5,055 | 69,748 | 62% | ||
| Total Europe | 1,233 | - | 147,164 | 129,386 | 46,041 | 46,133 | 768,439 | |
| USA PV | 470 | - | 8,611 | 5,180 | 268,979 | 100% | ||
| Total USA | 470 | - | 8,611 | 5,863 | 5,180 | 4,558 | 268,979 | |
| Total Consolidated Projects | 2,383 | 589 | 277,382 | 234,908 | 106,787 | 95,477 | 2,007,162 | |
| Uncons. Projects at share | 9 | - | - | 50% | ||||
| Total | 2,392 | 589 | 277,382 | 234,908 | 106,787 | 95,477 | 2,007,162 |
All values are in US Dollars.
| ( millions) | ||||||
|---|---|---|---|---|---|---|
| Operational after financial statements | Installed Capacity (MW) | Installed Storage (MWh) | Est. First Full Year Revenue | Est. First Full Year EBITDA | Debt balance as of September 30, 2024 | Ownership % |
| Mahanyim | 16 | 36 | 2 | 2 | 15 | 74% |
| Total | 16 | 36 | 2 | 2 | 15 |
All values are in US Dollars.
* EBITDA results included $11m in the 9 months ended September 24 and $10m in the 3-month ended September 24, of compensation recognized due to the delay in reaching full production at Projects Björnberget and Emek Habacha
** Ownership % is calculated based on the project's share of total revenues
| c) | Projects under construction | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ millions)<br><br> <br>Consolidated Projects | Country | Generation and energy storage Capacity (MW/MWh) | Est.<br><br> COD | Est. Total<br><br> Project Cost | Tax credit benefit- Qualifying category | Tax credit benefit- Adders***** | Discounted Value of Tax Benefit*** | Est. Total<br><br> <br>Project Cost net of tax benefit | Capital Invested as of September 30, 2024 | Est. Equity Required (%) | Equity Invested as of September 30, 2024 | Est. First Full Year Revenue | Est. First Full Year EBITDA**** | Ownership %* |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Atrisco Storage | United States | 0/1200 | Q4 2024 | 435-458** | ITC | EC (10%) | 175-183 | 261-274 | 359 | 13%-16% | 91 | 32-33 | 27-28 | 100% |
| Country Acres | United States | 392/688 | H2 2026 | 772-812 | ITC | DC (10%) | 355-373 | 417-439 | 20 | 11%-14% | 20 | 59-63 | 48-51 | 100% |
| Quail Ranch BESS | United States | 128/0 | H2 2025 | 141-148 | ITC | EC (10%) | 49-51 | 92-96 | 38 | 11%-14% | 38 | 22-24 | 17-19 | 100% |
| Quail Ranch Solar | United States | 0/400 | 106-111 | PTC | EC (10%) | 69-73 | 37-39 | 100% | ||||||
| Roadrunner BESS | United States | 290/0 | H2 2025 | 305-321 | ITC | EC (10%) | 140-148 | 165-173 | 19 | 11%-14% | 19 | 51-54 | 41-44 | 100% |
| Roadrunner Solar | United States | 0/940 | 288-302 | PTC | EC (10%) | 166-174 | 122-128 | 100% | ||||||
| Pupin | Serbia | 94/0 | H1 2025 | 151-159 | - | - | 151-159 | 111 | 39%-43% | 53 | 22-23 | 16-17 | 100% | |
| Total Consolidated Projects | 904/3,228 | 2,198-2,311 | 954-1,002 | 1,245-1,308 | 547 | 221 | 186-197 | 149-159 | ||||||
| Unconsolidated Projects at share****** | Israel | 23/99 | H2<br><br> <br>2024-<br><br> <br>H1 2025 | 33-34 | - | - | - | - | 36 | - | 36 | 4-5 | 3-4 | 50% |
| Total | 927/3,327 | 2,231-2,345 | 954-1,002 | 1,245-1,308 | 583 | 257 | 190-202 | 152-163 |
d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)
| ($ millions)<br><br> Consolidated Projects | Country | Generation and energy storage Capacity (MW/MWh) | Est.<br><br> COD | Est. Total<br><br> Project Cost | Tax Credit Benefit | Est. Total<br><br> Project Cost net of tax benefit | Capital Invested as of September 30, 2024 | Est. Equity Required (%) | Equity Invested as of September 30, 2024 | Est. First Full Year Revenue | Est. First Full Year EBITDA**** | Ownership %* | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Qualifying Category | Adders***** | Discounted Value of Tax Benefit*** | ||||||||||||
| CoBar ITC | United States | 258/824 | H2 2027 | 662-696 | ITC | EC (10%) | 289-304 | 373-392 | 51 | 13%-17% | 51 | 125-130 | 97-102 | 100% |
| CoBar PTC | United States | 953/0 | 1,107-1,164 | PTC | EC (10%) | 544-572 | 563-592 | |||||||
| Rustic Hills 1& 2 | United States | 256/0 | H2 2027 | 387-407 | ITC | DC+EC (20%) | 185-195 | 202-212 | 21 | 11%-14% | 21 | 25-26 | 20-21 | 100% |
| Snowflake A | United States | 600/1,900 | 2027 | 1,498-1,574 | ITC | EC (10%) | 625-657 | 873-917 | 2 | 11%-14% | 2 | 115-125 | 95-105 | 100% |
| Gecama Solar | Spain | 225/220 | H1 2026 | 218-229 | - | - | - | 218-229 | 6 | 23%-27% | 6 | 35-37 | 28-29 | 72% |
| ($ millions)<br><br> Additional Pre-Construction Projects | MW Deployment<br><br> <br>MW/MWh | Est. Total<br><br> Project Cost | Tax Credit Benefit | Discounted Value of Tax Benefit*** | Est. Total<br><br> Project Cost net of tax benefit | Capital Invested as of September 30, 2024 | Est. Equity Required (%) | Equity Invested as of September 30, 2024 | Est. First Full Year Revenue | Est. First Full Year EBITDA**** | Ownership %* | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2027 | Qualifying Category | Adders***** | ||||||||||
| United States | - | - | 312/0 | 449-472 | ITC | DC (10%) | 180-189 | 269-283 | 17 | 15%-17% | 17 | 31-32 | 24-25 | 100% |
| Europe | - | - | 0/460 | 84-88 | - | - | - | 84-88 | 3 | 18%-22% | 3 | 19-20 | 17-18 | 100% |
| MENA | 15/0 | 0/207 | 38/0 | 118-124 | - | - | - | 118-124 | 13 | 27%-32% | 13 | 17 | 12-13 | 89% |
| Total Consolidated Projects | 15/0 | 0/207 | 350/460 | 651-684 | 180-189 | 471-495 | 33 | 33 | 67-69 | 53-56 | ||||
| Unconsolidated Projects at share | - | 5/28 | - | 9-10 | - | - | - | 9-10 | 0 | 20% | 0 | 1-2 | 1-2 | 50% |
| Total Pre-Construction | 2,662 MW +3,638MWh | 4,533-4,764 | 1,823-1,917 | 2,709-2,847 | 114 | 114 | 368-389 | 294-315 |
* The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full repayment of Enlight's capital plus a preferred return
** Project costs is net of reimbursable network upgrades of $34m for the PV and storage projects combined, which are to be reimbursed in first five years of project*** Project costs is net of reimbursable network upgrades of $34m which are to be reimbursed in first five years of project
***Tax benefits under the IRA. PTC is assumed, based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. For the ITC, a step-up adjustment was made to reflect the eligible higher tax credit rates, enhancing the valuation and return of the project by considering the increased project value.**** EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as well as ITC and PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close.*****The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth
****** All numbers, beside equity invested, reflects Enlight share only
Appendix 6 – Corporate level (TopCo) debt
| ($ thousands) | September 30, 2024 |
|---|---|
| Debentures: | |
| Debentures | 289,531* |
| Convertible debentures | 129,998 |
| Loans from banks and other financial institutions: | |
| Credit and short-term loans from banks and other financial institutions | - |
| Loans from banks and other financial institutions | 116,323 |
| Total corporate level debt | 535,852 |
* Including current maturities of debentures in the amount of 44,193
Appendix 7 – Functional Currency Conversion Rates:
The financial statements of each of the Company’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”). For the purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the Israeli shekel (“NIS”), which is the Company’s Functional Currency. The Group’s consolidated financial statements are presented in U.S. dollars (“USD”).
| FX Rates to : | |
|---|---|
| Date of the financial statements: | NIS |
| As of 30th September 2024 | 0.27 |
| As of 30th September 2023 | 0.26 |
| Average for the 3 months period ended: | |
| September 2024 | 0.27 |
| September 2023 | 0.27 |
All values are in US Dollars.
Exhibit 99.2
Third Quarter 2024 Earnings Presentation
This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this presentation other than statements of historical fact, including, without limitation, statements regarding Enlight Renewable Energy's (the "Company") business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity and potential growth, discussions with commercial counterparties and financing sources, pricing trends, progress of Company projects, including anticipated timing of related approvals and project completion, the Company’s future financial results, expected impact from various regulatory developments, including the IRA, Revenue, EBITDA, and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, macroeconomic trends, and the Company’s anticipated cash requirements and financing plans, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and the other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this presentation. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Unless otherwise indicated, information contained in this presentation concerning the industry, competitive position and the markets in which the Company operates is based on information from independent industry and research organizations, other third- party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Non-IFRS Financial Metrics This presentation presents Adjusted EBITDA, a non-IFRS financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation between Adjusted EBITDA and Net Income, its most directly comparable IFRS financial measure, is contained in the tables below. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or the proposed offering. Legal disclaimer
Greenfield developer & IPP Control over entire project life cycle Wind, solar and energy storage Expertise across main renewable technologies Global platform Growing activity across U.S., Europe and MENA Extensive track record 71% CAGR revenues1 50% CAGR Mature Project capacity1,2 Large and diverse portfolio 19.2 GW + 31.8 GWh portfolio 6 GW + 7.6 GWh Mature Phase Projects2 First pure-play listed developer First pure-play to list on a national exchange in the U.S. Next generation global renewable energy platform Enlight at a glance 1 2017-2023; 2 Mature Projects include projects that are operational, under construction, in pre-construction (meaning, that they are expected to commence construction within 12 months as of November 12, 2024 (the “Approval Date”)
3Q24 performance overview 1 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2 Includes expected imminent CODs of Pupin wind farm and Atrisco BESS with capacity of 94 MW & 1,200 MWh; 3 Represents first full year of operation Strong results & FY24 guidance raised Business developments Guidance up $10m, increased for the second consecutive quarter this year Revenues$355-$370m Adjusted EBITDA1$255-$270m Adjusted EBITDA1 up 86% to $88m Revenue up 88% to $109m Multiple CODs2 of 512 MW & 1,391 MWh, representing annual3 revenues of $81-87m and EBITDA of $62-68m Construction started on projects totalling 810 MW and 2.0 GWh, representing annual3 revenues of $132-141m and EBITDA1 of $108-114m Mature Phase Portfolio increased by 0.6 GW and 1.7 GWh; conversion of Snowflake A from Advanced phase to Mature phase Portfolio Macro environment continues to be beneficial for Enlight
Enlight US at a glance 1 Represents expected revenues and EBITDA for first full year of operation; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income CODs and construction progress Major increase in operational capacity y-o-y , up 343% to 464 MW Atrisco Solar completed COD in October, and Energy Storage COD expected in coming weeks, representing combined annual1 revenues of $51-55m and EBITDA1,2 of $41-45m Country Acres, Roadrunner, and Quail Ranch, totaling 810 MW and 2.0 GWh have begun construction, representing annual1 revenues of $132-141m and EBITDA1,2 of $108-114m Snowflake A enters the Mature phase Portfolio, with capacity of 600 MW and 1.9 GWh, representing annual1 revenues of $115-125m and EBITDA1,2 of $95-105m. COD expected in mid-2027.
Enlight Europe & MENA at a glance CODs and high generation output Strong financial performance - 3rd Quarter revenue up 87% y-o-y to $101m, driven by new projects and healthy production Operational Capacity rises to 1,938 MW and 625 MWh Additional three projects of the Israel Solar & Storage Cluster (55 MW + 160 MWh) enter operations, bringing the full 12-site Cluster to COD. Additional sites in development and under construction. Pupin wind farm (94 MW) completed construction and expected imminent COD
3Q 2024 versus 3Q 2023 ($m) Growth driven by new operational projects and healthy production levels 3Q 2024 results 47 58 109 88 + 86% + 88% 66 31 + 115% Revenue 3Q24 3Q23 Adjusted EBITDA1 3Q24 3Q23 Cash flow from Operations 3Q24 3Q23 11 26 24 - 7% 26 + 114% Net income 3Q24 3Q23 Net income, excluding non-core2 items 3Q24 3Q23 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Includes impacts of foreign exchange revaluations; interest rate hedges; adjustments to the Clenara acquisition earnout; and financial asset losses
9M 2024 versus 9M 2023 ($m) 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Includes impacts of foreign exchange revaluations; interest rate hedges; adjustments to the Clenara acquisition earnout; and financial asset losses Growth driven by new operational projects and healthy production levels 9M 2024 results 24 48 56 + 17% 142 182 285 214 + 50% + 56% 158 126 + 25% 24 82 58 - 29% Net income 3Q24 3Q23 Net income, excluding non-core2 items 3Q24 3Q23 Revenue 3Q24 3Q23 Adjusted EBITDA1 3Q24 3Q23 Cash flow from Operations 3Q24 3Q23
3Q24 Actual +60% above consensus 2Q24 1Q24 3Q23 4Q23 2Q23 1Q23 3Q24 Enlight Reported Adjusted EBITDA1 Consensus Estimates2 Enlight reported Adjusted EBITDA1 versus consensus2 estimates ($m) Quarterly Adjusted EBITDA Actual results vs consensus expectations 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Source: Bloomberg
Raising 2024 guidance for the second quarter in a row 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income. 260 270 252.5 Midpoint +4.0% 245 255 Previous Guidance Updated Guidance EBITDA1: midpoint increased by $10m 262.5 360 370 352.5 345 355 Previous Guidance Updated Guidance Revenues: midpoint increased by $10m 362.5 Midpoint +2.8%
Advanced phase Portfolio 6.4 FGW* / 39 Projects 1-2 years to construction Development phase Portfolio 13.7 FGW* / 87 Projects +2 years to construction 54% 27% 19% 67% 28% 5% 51% 49% Composed of three development categories in three geographies Enlight Portfolio Mature phase Portfolio 8.2 FGW* / 85 Projects Operational Under Construction Pre-construction (1 year to construction) *FGW (Factored GW) combines generation capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5
Spotlight on mature phase portfolio: 8.2 FGW achieves operations by 2027 Enlight Portfolio Addition of Snowflake A : 600 MW Solar 1,900 MWh BESS 8.2 FGW* 7.1 FGW* 3Q24 2Q24 Mature phase Portfolio growth quarter over quarter Current Status: Operating Under Construction Pre Construction + 15% *FGW (Factored GW) combines generation capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5 54% 27% 19% Mature phase Portfolio 8.2 FGW* / 85 Projects Operational Under Construction Pre-construction (1 year to construction)
Promising business environment for Enlight Data centers and EVs are the main drivers of accelerating US electricity demand growth Renewables are the dominant source of supply for growing demand, comprising 95% of the US project queue Power prices in the US and Europe remain high, reflecting scarcity of new projects as demand rises Equipment costs remain attractive for buyers while interest rates are declining
Data centers boost electricity consumption; renewables the source of supply Vast expansion of renewable energy installed base through end of decade Data centers forecasted to consume almost 12% of U.S. electricity supply by 2030 Data centers drive growth in US power consumption… U.S. data center electricity consumption expected to increase at a CAGR of 23% between 2023-2030 TWh GW / GWh US Data Center Electricity Demand 2023-2030 Source: McKinsey, Bloomberg BNEF US and European Solar, Wind, and Storage Capacity 2023-2030 … While renewable energy capacity expands swiftly Solar PV CAGR +19% Storage CAGR +46% Wind CAGR +8% Promising business environment for Enlight
Renewables critical to meeting future demand Increasing demand for electricity … … Renewables the only game in town Renewable power projects represent 95% of new capacity now in queue, with gas at only 3% Coal plants displaced, while hydro, & nuclear are not built at scale = renewable energy projects 2025E US annual load growth forecast has jumped to 0.9% in 2023, with potential to reach 1.5% Drivers include new manufacturing and data center facilities The hunt for power accelerates Load growth rising after decades of decline; renewables dominate project queue Promising business environment for Enlight Source: Grid Strategies; Lawrence Berkeley National Laboratory
Next Wave CO Bar, Snowflake A, Coggon, Rustic Hills, Gemstone 2027 Now Building Country Acres, Quail Ranch, Roadrunner 2025-26 CODs Apex & Atrisco3 2023-24 + + $132-141m Revenue1 $108-114mEBITDA1,2 0.8 GW | 2 GWh $298-311m Revenue1 $239-251mEBITDA1,2 2.4 GW | 2.7 GWh $63-66m Revenue1 $49-52m EBITDA1,2 0.5 GW | 1.2 GWh Enlight US US dominates growth with successful deployments and next wave of projects All U.S. projects is 100% Enlight owned 1 Projects 1st full year revenue and EBITDA; 2EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted; 3 Estimates include Atrisco storage which is expected to reach COD imminently
10.9%-11.4% Unlevered Ratio $95-105m Estimated First Full Year EBITDA2 $873-917m Estimated Net Project Costs1 Arizona, USA Location 600 MW & 1,900 MWh Capacity Mid-2027 Expected COD 20-year busbar, APS PPA term & counterparty $115-125m / $95-105m First full year revenues / EBITDA2 1Construction costs assume receipt of certain ITC credits under the IRA and are net of the estimated value of these credits. ITC is assumed at 40%. The net cost does not reflect the full tax equity investment, only the estimated value of the tax credits 2 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted Holbrook Arizona The project has reached significant milestones: Site control secured PPA for both solar and storage components signed Signed final interconnection agreement Construction expected to begin in 2025 Enlight US Introducing Snowflake A: a new megaproject for 2025 construction 1,140 FMW major solar energy project in Arizona *FGW (Factored GW) combines generation capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5
New Mexico Location 128 MW + 400 MWh Capacity Construction has begun Status $22-24m / $17-19m First Year Revenues / EBITDA1 13.4%-13.9%2 Unlevered Ratio Quail Ranch Atrisco California Location 392 MW + 688 MWh Capacity Construction has begun Status $59-63m / $48-51m First Year Revenues / EBITDA1 11.3%-11.8%2 Unlevered Ratio Country Acres Arizona Location 290 MW + 940 MWh Capacity Construction has begun Status $51-54m / $41-44m First Year Revenues / EBITDA1 14.2%-14.7%2 Unlevered Ratio Roadrunner New Mexico Location 364 MW + 1,200 MWh Capacity PV completed COD, expected imminent COD for storage Status $51-55m / $41-45m First Year Revenues / EBITDA1 9.6%-10.1%2 Unlevered Ratio 1EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. 2Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. For certain projects, PTC is assumed, based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. For other projects ITC is assumed at the relevant ITC rate (ranging from 30% to 50%, depending on energy community and/or domestic content adders). The net cost does not reflect the full tax equity investment, only the estimated value of the tax credits. PV COD Enlight US 2024 on plan: construction begins on three major projects Combination of large-scale projects at high returns
Israel & Italy Location 0.7 GWh Capacity Pre-Construction (Israel Storage, Nardo) Status $27-29m / $22-24m First Year Revenues / EBITDA1 18.4%-18.9% Unlevered Ratio SA Storage in Israel & Italy Pupin Spain Location 225 MW + 220 MWh Capacity Pre-Construction Status $35-37m / $28-29m First Year Revenues / EBITDA1 12.5%-13.0% Unlevered Ratio Gecama Hybrid Serbia Location 94 MW Capacity Imminent COD Status $22-23m / $16-17m First Year Revenues / EBITDA1 10.4%-10.9% Unlevered Ratio Enlight Europe & MENA Imminent COD 2024 on plan: Diverse mix of wind, solar and storage projects Continuing to expand presence across EU and MENA with high expected returns 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income;
Global Portfolio of 2024-27 CODs 3.6 GW 6.9 GWh Mature Phase Portfolio status: Average unlevered return: 11.0%-11.5% Average levered return: Mid teens 0.9 GW + 3.3 GWh under construction 2.7 GW + 3.6 GWh near construction Overlaying 11.0%-11.5% unlevered return with a 5.5-6.0% cost of debt 2024-2027 projects yield high returns Mid-teens % Equity IRR 11.0%-11.5% 5.5%-6.0%Project Finance Unlevered Ratio
Appendix
* Non-recurring other income is comprised of the recognition of income related to reduced earnout payments expected to be incurred for the acquisition of Clenera for early stage projects, and to other income recognized in relation to tax credits for projects in the United States. ($ thousands) For the nine months ended For the three months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net Income (loss) 58,133 81,839 24,189 26,132 Depreciation and amortization 77,977 44,185 27,091 17,408 Share based compensation 6,027 4,000 1,942 1,150 Finance (income) expenses (18,299) (44,380) (3,234) (12,118) Finance expenses 85,836 51,799 36,525 18,368 Non-recurring other income (*) (13,795) (21,138) (7,269) (14,063) Share of losses of equity accounted investees 1,737 467 1,288 99 Taxes on income 16,154 25,494 7,024 10,200 Adjusted EBITDA 213,770 142,266 87,556 47,176 Reconciliation between Net Income to Adjusted EBITDA
Low equipment costs driving unlevered returns higher Supply and demand imbalance pushing PPA pricing higher … … Equipment prices remain favourable Underlying equipment costs continue to remain low U.S. panel prices now in 30-cent range post impact of latest AD/CVD developments U.S. battery prices in the $160 per kWh range, 30% lower than at the start of 2023 U.S. demand for power increasing Scarcity of projects driving PPA pricing higher, up 7.5% YTD Enlight raised prices +25% on 1.8 GW of signed PPAs during past two years PPA prices remain high despite lower equipment costs Source: Bloomberg, LevelTen PPA Price Index Enlight US Promising business environment for Enlight Increased demand coupled with shortage of projects pushing PPA pricing higher
Graph, scale Generation, MW Storage, MWh Portfolio definitions Operational, under construction and pre-construction (expected to start construction within 12 months) Mature Phase Projects which are expected to begin construction within 13 to 24 months of the Approval Date Advanced Phase The rest of the projects in development process Development Phase Note: Portfolio information as of the Approval Date; Projects that are not consolidated in our financial statements are reflected at their proportional share Advanced Phase Under Construction Operational Pre-Construction Mature Phase Projects Development Phase Total Portfolio 2,408 0-12 months (Nov 12 ,2025) until start of construction 13-24 months until start of construction 5,997 2,662 3,638 927 13,238 10,991 31,820 7,590 3,327 9,962 3,243 19,202 625 + + + + + + + Portfolio snapshot Operational projects sold 1.7 GW still under the company’s operational management 1.7 GW
1 We expect additional projects currently grouped in the Advanced Development portfolio to reach COD by 2027, however these are not included in these forecasts. Massive growth in the coming years: operational capacity expected to triple to 8.2 FGW (6 GW and 7.6 GWh) by the end of 2027 Mature phase portfolio: 8.2 FGW operational by 2027 Major Expected CODs Roadrunner & Quail Ranch (418 MW, 1.3 GWh) 2025 Gecama & Country Acres (0.6 GW, 0.9 GWh ) 2026 Snowflake & CO Bar (1.8 GW, 2.7 GWh ) 2027 1,962 2,587 4,839 375 1,878 2,587 3,702 1,878 2,587 Current Status (FMW): Operating Under Construction Pre Construction Mature phase portfolio only1 CAGR + 43% 2023-2027E 2,953 3,891 2,587 2023 2024E 2025E 2026E 2027E 366 1,289 15 8,166 *FGW (Factored GW) combines generation capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5
Revenues of $355m-$370m and Adjusted EBITDA1 of $255m-$270m Increasing 2024 Guidance Operational Portfolio / FGW* Raising guidance ranges Revenues: $355-$370m up from $345m-$360m Adjusted EBITDA1: $255m-$270m up from $245-$260m Key Assumptions 90% of generation sold at fixed prices through hedges or PPAs FX assumptions of 3.8 for USD/ILS and 1.05 for EUR/USD Forecasted Revenues: 40% in ILS; 55% in EUR and 5% in USD Revenue / ($m) Adjusted EBITDA1 / ($m) 102 192 189 355-370 255-270 256 130 99 1.962 2.953 1.421 0.721 2024E 2023 2021 2022 2024E 2023 2021 2022 38% CAGR 53% CAGR 2024E 2023 2021 2022 50% CAGR in FGW 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted *FGW (Factored GW) combines generation capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5
74% of total portfolio in the United States 3.6 GW 52% of U.S Development Phase Development Phase Advanced Phase 3 GW 100% of U.S Advanced Phase Mature Phase Projects 3.7 GW 100% of U.S Mature Phase 10.3 GW System Impact Study Completed + + = Unique position: near-term pipeline & interconnect advantage represent “missing link” Transmission infrastructure is the principal constraint for renewable energy today Enlight US
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