TEL AVIV, Israel, Nov. 20, 2023 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) has announced its financial results for the third quarter ended September 30, 2023. The company has achieved positive growth across various financial metrics, showcasing its continued success in the renewable energy sector.
Financial Highlights
Enlight Renewable Energy’s revenue for the third quarter of 2023 reached $58 million, marking a 3% increase compared to the same period last year. The company experienced year-over-year growth in net income, which rose by 35% to $26 million. Additionally, adjusted EBITDA* grew by 32% to $47 million, and cash flow from operations increased by 57% to $31 million.
Over the nine-month period ending September 30, 2023, the company’s revenue amounted to $182 million, reflecting a significant 39% year-over-year increase. Net income surged by 201% to $82 million, while adjusted EBITDA* reached $142 million, up 64% year over year. Cash flow from operations also showed substantial growth, rising by 135% to $126 million.
Business Developments
Enlight Renewable Energy has made notable progress in securing access to capital. The company finalized definitive documentation for project finance on Project Atrisco in the U.S. and the Solar + Storage cluster in Israel. These transactions, totaling over $500 million, are expected to close in the coming weeks. Upon financial close, more than $300 million of excess equity is estimated to be recycled back to the company.
To further strengthen its financial position, Enlight raised NIS 319 million through an unsecured bond issuance in Israel, with an effective yield of 5.8%. The company also divested several non-core projects, generating $19 million.
Portfolio Updates
Enlight Renewable Energy achieved its 2023 project plan, with a total of 1.8 GW of generation now operational. Notably, the company added 530 MW and 1.3 GWh to its Mature Project portfolio, primarily through the acquisition of Country Acres and Quail Ranch, two projects in the Western U.S.
While the COD for the CO Bar cluster is expected to be delayed until 2026, Enlight has accelerated other major projects, such as Roadrunner and Quail Ranch, to achieve COD in 2025. The company executed significant power purchase agreements (PPAs) totaling 683 MW and 1.3 GWh at attractive prices.
CEO Statement
Gilad Yavetz, CEO of Enlight Renewable Energy, expressed satisfaction with the company’s financial performance and project developments. “Our third quarter results demonstrate continued year-over-year growth in profitability,” he said. Yavetz highlighted the company’s ability to build large-scale projects for utilities, driving up PPA pricing and achieving higher project returns.
Enlight Renewable Energy remains committed to converting development projects into Mature Projects. CEO Yavetz emphasized the company’s progress in securing project finance and its expectation of reaching up to 4.6 GW and 3.6 GWh of operational projects, extending into 2026 CODs.
FAQ
Q: What were Enlight Renewable Energy’s financial highlights in the third quarter of 2023?
A: Enlight’s revenue increased by 3% to $58 million, net income grew by 35% to $26 million, adjusted EBITDA* rose by 32% to $47 million, and cash flow from operations increased by 57% to $31 million.
Q: How did Enlight perform over the nine-month period ending September 30, 2023?
A: The company achieved a 39% year-over-year revenue increase, with net income growing by 201%, adjusted EBITDA* rising by 64%, and cash flow from operations increasing by 135%.
Q: What business developments did Enlight Renewable Energy announce?
A: Enlight finalized documentation for project finance on two significant projects, raised funds through an unsecured bond issuance, and divested non-core projects.
Q: What updates were made to Enlight’s portfolio?
A: The company achieved its 2023 project plan, added 530 MW and 1.3 GWh of generation capacity to its Mature Project portfolio, and executed substantial power purchase agreements.
Q: What did CEO Gilad Yavetz say about Enlight’s performance?
A: Yavetz expressed satisfaction with the company’s growth in profitability, highlighted its ability to build large-scale projects, and emphasized the conversion of development projects into Mature Projects.
*EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization.