Press Releases

Enlight Renewable Energy Reports Fourth Quarter 2023 Financial Results

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ended December 31, 2023. The Company’s earnings webcast will be held today at 8:00 AM ET. A link to this webcast can be found at the end of this earnings release.

 The entire suite of the Company’s 4Q23 financial results can be found on our IR website at 

Financial Highlights

12 months ending December 31, 2023

  • Revenue of $256m, up 33% year over year
  • Net income of $98m, up 157% year over year
  • Adjusted EBITDA1 of $189m, up 45% year over year.
  • Cash flow from operations of $150m, up 66% year over year.

3 months ending December 31, 2023

  • Revenue of $74m, up 21% year over year
  • Net income of $16m, up 48% year over year
  • Adjusted EBITDA1 of $47m, up 8% year over year.
  • Cash flow from operations of $24m, down 35% 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

Fourth Quarter Business Developments

Access to Capital

  • Financial close of Atrisco Solar, including $300m of construction finance and $198m of tax equity commitments. Recycled $204m of excess equity capital.
  • Financial close of Solar + Storage Cluster in Israel, including $211m of project finance debt. Returned $121m of excess equity capital.
  • Secured additional corporate revolving credit facilities of $90m. The Company possesses total available revolving credit facilities of $260m, of which none were drawn as of the date of today’s report.

Portfolio Updates

  • 76 MW and 142 MWh reached COD since last quarter’s earnings report; no material changes to the Mature Project portfolio since last quarter’s earnings report
  • 543 MW and 1.6 GWh expected to COD in 2024; 1 GW and 2.9 GWh of new projects expected to commence construction in 2024
  • 1.4 GW and 2.2 GWh of the Company’s PJM portfolio in the U.S. has entered the fast-track interconnection process, with minimal network upgrade costs. This represents a significant development milestone and highlights our continued success in identifying and securing attractive points of interconnection

“Our full year 2023 results reveal the strength of Enlight’s combined developer and IPP business model. Revenue grew by 33%, Adjusted EBITDA grew by 45% and Net Income by 157%, demonstrating our ability to deliver above-market growth and above-market returns. In a year of adversity across the renewable energy industry, our Company’s financial and operational performance stand out,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“Moreover, in 2023, we improved future project returns by amending PPAs and capturing the decline in equipment costs and interest rates. We also converted large portions of our rich development pipeline into Mature Projects, laying the foundation for our continued rapid growth. And finally, we secured various sources of capital, including project finance totaling more than half a billion dollars, under which $325m of excess equity was recycled back to the Company.”

“This sets the stage for 2024, a year in which we will take the next major step in realizing our growth plans. In 2024, we expect to commence construction on over 1 GW and 2.9 GWh of new projects, while reaching COD on over 0.5 GW and 1.6 GWh. Collectively these projects represent a growth of 84% above our current operational generation and 1,615% of our current operational energy storage capacity. And given the financing we secured in 2023, we have all the equity required to fund 2024’s activity, putting us in strong financial position for the year ahead.”

Overview of Financial and Operating Results: Revenue

($ thousands)For the three-month period endedFor the twelve-month period ended
SegmentDec. 31, 2023Dec. 31, 2022Dec. 31, 2023Dec. 31, 2022
Central-Eastern Europe25,87718,20687,37470,705
Western Europe24,89327,70690,09758,991
Management and Construction2,0094,0478,27011,113
Total Revenues73,82660,869255,702192,172

In the fourth quarter of 2023, the Company’s revenues increased to $74m, up from $61m last year, a growth rate of 21% year over year. The Company benefited from the revenue contribution of new operational projects and inflation indexation embedded in PPAs for already operational projects. This was offset by a decline in revenues driven by lower electricity prices in Spain relative to the prices observed in the same quarter in 2022.

Since the fourth quarter of 2022, 487 MW and 277 MWh of projects started selling electricity, including Apex Solar in the U.S.; ACDC in Hungary; Genesis Wind in Israel and portions of the Solar & Storage cluster in Israel. The Company also benefited from the full ramp up of project Björnberget in Sweden which was immaterially operational in the fourth quarter of last year. These projects collectively generated $16m of revenue during the fourth quarter of 2023, with the biggest contributors being Björnberget $6m and Genesis Wind $9m. The Company also benefited from inflation indexation embedded in its PPAs, which contributed an additional $2m of revenue during the quarter. This reflected an average indexation of 7.2% across 592 MW of PPAs for projects that have been operational for a full year. There was no material net FX impact on the Company’s revenues this quarter.

Growth in revenues was offset by the decline in electricity prices for projects where electricity is sold under a merchant model, as well as slower-than-expected ramp up at Genesis Wind and Israel Solar + Storage cluster, which reached COD during the quarter. Gecama revenues fell year over year by 36% ($8m year over year), driven by lower power prices relative to last year and expectations. During the fourth quarter last year we sold electricity at Gecama at EUR 115 per MWh versus EUR 50 MWh for the same period this year.

Financial performance was well-balanced between Western Europe, Central-Eastern Europe (“CEE”) and Israel, with 68% of revenues in the fourth quarter of 2023 denominated in Euros, 3% in US Dollars, 1% in other European currencies, and 28% denominated in Israeli shekel.

In addition to the above, the Company sold $2m of electricity in projects treated as financial assets in the third quarter. Under IFRS this revenue is accounted for as financing income or other non-P&L metrics.

Net Income

In the fourth quarter of 2023, the Company’s net income increased to $16m, a growth rate of 48% year over year. Three non-cash items impacted our net income during the quarter. First was a loss of $8m attributed to the mark to market of interest rate hedges the Company entered into for the storage portion of Atrisco ahead of financial close anticipated later in 2024. The second was a reduction in the expectation for earnout payments linked to the acquisition of Clenera of $12m compared to a $5m increase during the same period in 2022. Finally, the strengthening of the Israeli Shekel caused a revaluation of foreign exchange-linked liabilities, with a negative impact of $5m. (All figures after tax.)

Adjusted EBITDA2

In the fourth quarter of 2023, the Company’s Adjusted EBITDA grew by 8% to $47m compared to $43m for the same period in 2022. The increase was driven by the same factors which affected our revenue increase. However, the y-o-y decline in revenues at Gecama, as well as the slower ramp up of projects in Israel, and the $3m increase in overhead, resulted in lower profit margins and slower growth in Adjusted EBITDA y-o-y. This was offset by the receipt of a final $2m stemming from the sale of a stake in the Faraday solar project, which closed in 3Q23.

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

Portfolio Overview

Key changes to the Company’s project portfolio during the fourth quarter of 2023:

  • Operational portfolio grew by 76 MW and 142 MWh
  • No material changes to the Mature Project portfolio

Portfolio Overview

3 As of February 25, 2024

United States

The United States is Enlight’s largest market. A majority of the Company’s near-term Mature Portfolio and development portfolio is located in the US. In 2023, the Company reached COD on its first project in the United States, Apex Solar (106 MW). Moving into 2024, we expect a significant expansion within our U.S. activity, with major projects either expected to reach commercial operation or commence construction.

Atrisco is the Company’s first flagship project in the United States. The Project comprises 364 MW of solar and 1.2 GWh of battery and is located just outside Albuquerque, New Mexico. All project equipment is now installed, and work is underway to reach mechanical completion. Further, during the fourth quarter we closed tax equity and debt financing on Atrisco Solar, raising $300m of construction and term debt and $198m in PTC tax equity. The transaction, which released $204m of excess equity demonstrated our continued access to competitive project finance, including tax equity. On the storage portion of Atrisco, the Company reached a mutual resolution of the supplier matter described last quarter and is now advancing on both the construction and financial close of the project. The solar site is expected to reach COD in 3Q24, while the COD for the storage unit is expected during 4Q24.

In 2024, we also expect to commence construction on Quail Ranch (phase two of Atrisco), Roadrunner and Country Acres, totaling 806 MW of generation and over 2 GWh of energy storage. Financial close is expected on all three during the second half of 2024.The latter two projects were added to the Mature Portfolio just last year, highlighting the quality and depth of the Company’s pipeline.

Project NameLocationMW
Quail RanchNew Mexico120400Pre-constructionH2/25
Country AcresCalifornia392688Pre-constructionH2/26
Total 8062,028  

In 2024, we are also focused on converting our earlier stage development projects into Mature Projects. In PJM, we are progressing with a total of 1.4 GW and 2.2 GWh of storage across Virgina, Michigan and North Carolina. In the fourth quarter of 2023, this set of projects was assessed by PJM to carry minimal network upgrade costs and was therefore moved to the interconnection fast track. Under this track, the projects expect to secure final interconnection agreements by the end of 2024, significantly substantiating their path to realization. Given rising power demand from data centers in PJM and high grid connection costs for competing projects in the region, our set of projects are uniquely positioned. In addition, we continue to see significant utility demand for solar and storage across the West. In an accelerating load growth environment, our 10 GW of advanced interconnection puts us in a prime position to capture rising customer demand at robust PPA pricing.

We continue to see a very supportive business environment. Costs for both solar panels and batteries have fallen significantly in recent months. Since the beginning of 2023 our solar module prices have dropped by approximately 25% and our battery prices by more than 30%. Following the peak in interest rates at almost 5% during 2H23, 10-year bond yields are now 4.3%, significantly easing financing costs and boosting our levered project returns. These positive trending fundamentals are adding more fuel to our prospects in the U.S. during 2024 and in the years ahead.

On a final note, Clenera will be undergoing a change in senior leadership as CEO and Co-Founder Jason Ellsworth will be stepping down at the end of June 2024. Adam Pishl, Co-Founder of Clenera and the company’s COO since inception in 2013, will assume the role of CEO.


Within Enlight’s operational portfolio in Europe, the Gecama wind project in Spain sold electricity at an average price of EUR 50 per MWh during 4Q23. Electricity prices have declined in Spain, amidst easing gas prices across Europe. In the fourth quarter, 45% of production was hedged at a baseload price of EUR 63 per MWh (EUR 44 net after capture rate), while the remainder was sold on a merchant basis at EUR 54 per MWh. Our effective selling price was lower than the hedge price because of the lower-than-expected capture rate. While the capture rate for the project was 91% on average during the first three quarters of 2023, it declined to 70% in the fourth quarter on the back of significant country-wide renewable generation. Windfall taxes amounted to EUR 7 per MWh during the quarter.

For 2024, the Company has hedged 65% of expected annual production at an average baseload price of EUR 100 per MWh. Electricity prices in Spain appear to have settled in the EUR 55-65 per MWh range for 2024, demonstrating the value of our hedge when compared to current spot and forward merchant rates. The fiscal framework in Spain has also been revised. The windfall tax (Royal Decree) that was introduced following sharp energy price increases in 2022 has been replaced in 2024 with a generation tax levied on revenues. Generation tax rates will start off at 3.5% of revenues and rise to 7.0% by the end of this year. This represents a return to the taxation framework that was in place when we initially built and financed Gecama.

The adjacent Gecama Hybrid Solar project with 225 MW of solar and 200 MWh of storage capacity is seeking to secure its environmental permit from regulatory authorities, which represents the site’s last major development milestone. Due to the protracted discussions, we now forecast the start of construction to occur during 2H24 from 1H24 previously, while COD is now forecasted for 4Q25, a six-month delay from our previous expectation. Though final development work is taking longer than we anticipated, the project stands to benefit from a significant drop in construction costs. Solar panels can now be obtained for $0.12-$0.13 a watt in Europe, while batteries are now available in the $150 per KWh range.

The Pupin wind farm in Serbia is advancing on schedule, with construction having begun in 2Q23. In 3Q23 the project secured an offtake agreement with the state-owned utility Elektroprivreda Srbije, structured as a 15-year inflation-linked contract for difference (“CFD”) for 72% of the 94 MW project output with a base rate of EUR 69 per MWh. Due to lower-than-expected balancing costs, expected profitability and returns for Pupin have risen. We continue to expect Pupin to reach COD during 2H25.

Finally, Tapolca, a solar project in Hungary with a capacity of 60 MW, is currently under construction and on schedule to reach COD by 2H24, in-line with expectations.


The build out of the Israel Solar + Storage clusters continued with the COD of Revivim 2, Arad Valley 2, and Ein Habesor since our last earnings release, for a total of 76 MW and 142 MWh. These projects join Arad Valley 1, Sde Nitzan and Haluziot 2 which came online earlier in 2023. In total, the project will comprise 12 sites in the north and center of Israel, with a total capacity of 248 MW and 593 MWh. We expect a gradual COD for the remaining 6 sites throughout 2024. During 4Q23, we reached financial close on this cluster of projects, raising $211m in debt at interest rate of 2.4% to 2.9% above Israeli nominal government bond yields. As a result, the Company recycled $121m of excess project equity back onto its balance sheet.

Starting in January 2024, the Israeli electricity market shifted to a fully deregulated market. Enlight has been preparing for this event for some time, signing corporate PPAs with the likes of Soda Stream, Applied Materials, and others, as well as engaging to supply electricity to Electra Power, a household-oriented power reseller. The Company has set up a dedicated internal division to expand activity in the sector and is the first firm in the country to complete direct-to-user sales of electricity under the new regulatory framework.

Finally, in February 2024, Enlight acquired 80% of the share capital of Aria, a renewable energy company engaged in the non-utility solar and storage segment in Israel, primarily focusing on municipal rooftop customers and agri-solar. This further deepens Enlight’s participation in Israel’s electricity market, and in this instance, provides the Company an entry into the non-utility segment in Israel, a fast-growing segment in which until now, Enlight was not active. Aira was acquired for an immaterial purchase price, though performance-based earnouts and options may lead to future total payments of up to approximately $20m over the coming five years.

Financing Arrangements

During 2023, Enlight achieved several important financing milestones. The most important of these was the financial close on the Atrisco Solar project in New Mexico and on the combined Solar and Storage Cluster in Israel, both of which occurred in 4Q23. In total, we secured $511m in financing from these two projects and recycled $325m of excess equity invested back to our balance sheet. In addition, the Company raised additional funds as follows:

  • IPO of the Company on Nasdaq for $271m
  • Sell down of our portion in the Faraday project in Utah for $13m
  • Sell down on non-core generating assets in Israel for $6m
  • Issuance of $83m in debentures in Israel

The amount of capital raised last year places the Company in a favorable financial position for 2024, and the Company does not anticipate the need to raise equity for our 2024 plan.

We also note that sell downs of projects from within our pipeline – whether Mature, Advanced Development, or Early-Stage Development– are to become an increasingly important source of funding, which we intend cultivate further in both 2024 and the years ahead.

Balance Sheet

The Company maintains $260m of revolving credit facilities, none of which have been drawn as of the date of today’s report. These resources enhance our financial strength and provide additional flexibility to the Company as it delivers on its Mature Project portfolio.

($ thousands) December 31, 2023
Cash and Cash Equivalents:  
Enlight Renewable Energy Ltd, Enlight EU Energies Kft, Enlight Renewable LLC and Enlight Finance excluding subsidiaries (“Topco”) 258,312
Subsidiaries 145,493
Short term deposits 5,308
Restricted Cash:  
Projects under construction 142,695
Reserves, including debt service, performance obligations and others 38,891
Total Cash 590,699

2024 Financial Outlook

Details of the 2024 outlook include:

  • Revenue between $335m and $360m
  • Adjusted EBITDA4 between $235m and $255m

Our guidance reflects annual growth of 36% and 30% at the midpoint compared to 2023 respectively, demonstrating our accelerated growth path in 2024 and the years ahead.

Of our total forecasted revenues, 40% are expected to be denominated in Israeli Shekel, 55% Euros, and 5% in US Dollars. Given our large exposure to the Shekel and Euro and the current higher degree of volatility in these currencies, our guidance is predicated on an average annual exchange rate assumption of 3.8 Shekels to the Dollar and 1.05 Euros to the Dollar. In addition, 90% of 2024’s expected generation output will be sold at fixed prices either through hedges or PPAs.

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.

 Call Information

Enlight plans to hold its Fourth Quarter 2023 Conference Call and Webcast on Monday, February 26, 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 conference call or webcast:

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

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at, 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 other income. Non-recurring other income for the fourth quarter of 2023 included income recognized in relation to the reduction of earnout we expect to pay as part of the Clenera Acquisition and other income recognized in relation to tax credits for projects in the United States. With respect to other expense (income), as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of, or entire, developed assets from time to time, and therefore includes realized gains and losses from these asset dispositions 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, expectations regarding wind production, electricity prices and windfall taxes, the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact, 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; 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; 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 at assets with merchant exposure, 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 (such as recent declines in the value of the Israeli shekel following Hamas’ attacks against Israel) 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 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 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 with respect to the ongoing war with Hamas and conflicts with other hostile groups; 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, 2022, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, to be filed with 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.

Investor Contact

Yonah Weisz
Director IR
[email protected]

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
[email protected]

A chart accompanying this announcement is available at

Appendix 1 – Financial information

Consolidated Statements of Income     
  For the year ended at
December 31
  2023 2022
  USD in USD in
  Thousands Thousands
Revenues 255,702 192,172
Cost of sales (52,794) (40,438)
Depreciation and amortization (63,849) (40,563)
Gross profit  139,059 111,171
General and administrative expenses (33,303) (28,739)
Development expenses (6,347) (5,587)
Other income 58,734 13,767
  19,084 (20,559)
Operating profit 158,143 90,612
Finance income 36,799 23,341
Finance expenses (68,143) (62,591)
Total finance expenses, net (31,344) (39,250)
Profit before tax and equity loss 126,799 51,362
Share of losses of equity accounted investees (330) (306)
Profit before income taxes 126,469 51,056
Taxes on income (28,428) (12,943)
Profit for the year 98,041 38,113
Profit for the period attributed to:    
Owners of the Company 70,924 24,749
Non-controlling interests 27,117 13,364
  98,041 38,113
Earnings per ordinary share (in USD)     
with a par value of NIS 0.1, attributable to     
owners of the parent Company:    
Basic earnings per share 0.61 0.25
Diluted earnings per share 0.57 0.25
Weighted average of share capital used in the     
calculation of earnings:    
Basic per share 115,721,346 97,335,870
Diluted per share 123,861,293 99,978,133
 Consolidated Statements of Financial Position as of    
  December 31 December 31
  2023 2022
  USD in USD in
  Thousands Thousands
Current assets    
Cash and cash equivalents 403,805 193,869
Deposits in banks 5,308 4,054
Restricted cash 142,695 92,103
Financial assets at fair value through profit or loss - 33,895
Trade receivables 43,100 39,822
Other receivables 60,691 36,953
Current maturities of contract assets 8,070 7,622
Current maturities of loans to investee entities - 13,893
Other financial assets 976 1,493
Total current assets 664,645 423,704
Non-current assets    
Restricted cash 38,891 38,728
Other long term receivables 32,540 6,542
Deferred costs in respect of projects 271,424 205,575
Deferred borrowing costs 493 6,519
Loans to investee entities 35,878 14,184
Contract assets 91,346 99,152
Fixed assets, net 2,947,369 2,220,734
Intangible assets, net 287,961 279,717
Deferred taxes assets 9,134 4,683
Right-of-use asset, net 121,348 96,515
Financial assets at fair value through profit or loss 53,466 42,918
Other financial assets 79,426 94,396
Total non-current assets  3,969,276 3,109,663
Total assets 4,633,921 3,533,367
Consolidated Statements of Financial Position as of (Cont.)    
  December 31 December 31
  2023 2022
  USD in USD in
  Thousands Thousands
Liabilities and equity    
Current liabilities    
Credit and current maturities of loans from banks and other financial institutions 324,666 165,627
Trade payables 105,574 34,638
Other payables 103,622 77,864
Current maturities of debentures 26,233 15,832
Current maturities of lease liability 8,113 5,850
Financial liabilities through profit or loss 13,860 35,283
Other financial liabilities 1,224 50,255
Total current liabilities 583,292 385,349
Non-current liabilities    
Debentures 293,751 238,520
Other financial liabilities 62,020 -
Convertible debentures 130,566 131,385
Loans from banks and other financial institutions 1,702,925 1,419,057
Loans from non-controlling interests 92,750 90,908
Financial liabilities through profit or loss 34,524 48,068
Deferred taxes liabilities 44,941 14,133
Employee benefits 4,784 12,238
Lease liability 119,484 93,773
Other payables 60,880 -
Asset retirement obligation 68,047 49,902
Total non-current liabilities  2,614,672 2,097,984
Total liabilities 3,197,964 2,483,333
Ordinary share capital 3,293 2,827
Share premium 1,028,532 762,516
Capital reserves 57,730 30,469
Proceeds on account of convertible options 15,494 15,496
Accumulated profit (loss) 63,710 (7,214)
Equity attributable to shareholders of the Company 1,168,759 804,094
Non-controlling interests 267,198 245,940
Total equity 1,435,957 1,050,034
Total liabilities and equity 4,633,921 3,533,367
Consolidated Statements of Cash Flows     
  For the year ended at
December 31
  2023 2022
  USD in USD in
  Thousands Thousands
Cash flows for operating activities    
Profit for the year 98,041 38,113
Income and expenses not associated with cash flows:    
Depreciation and amortization 65,796 42,267
Finance expenses (income), net (5,874) 24,590
Share-based compensation 4,970 8,673
Taxes on income 28,428 12,943
Other (income) expenses, net (17,750) 31
Company’s share in losses of investee partnerships 330 306
  75,900 88,810
Changes in assets and liabilities items:    
Change in other receivables (3,241) (4,930)
Change in trade receivables (2,841) (23,355)
Change in other payables 6,382 5,738
Change in trade payables 15,474 784
  15,774 (21,763)
Interest receipts 12,490 4,461
Interest paid (54,469) (33,123)
Income Tax paid (12,236) (3,700)
Repayment of contract assets 14,120 17,578
Net cash from operating activities 149,620 90,376
Cash flows for investing activities    
Acquisition of consolidated entities (6,975) (56,962)
Changes in restricted cash and bank deposits, net (53,131) (86,055)
Purchase, development, and construction in respect of projects (730,976) (656,143)
Proceeds from sale (purchase) of short-term financial assets measured at fair value through profit or loss, net 32,601 (1,881)
Loans provided and Investment in investee (28,174) (4,147)
Payments on account of acquisition of consolidated company (5,728) (3,988)
Purchase of long-term financial assets measured at fair value through profit or loss (5,682) (10,824)
Net cash used in investing activities (798,065) (820,000)
Consolidated Statements of Cash Flows (Cont.)     
  For the year ended at
December 31
  2023 2022
  USD in USD in
  Thousands Thousands
Cash flows from financing activities     
Receipt of loans from banks and other financial institutions 623,927 541,024
Repayment of loans from banks and other financial institutions (203,499) (109,130)
Issuance of debentures 83,038 -
Issuance of convertible debentures - 47,755
Repayment of debentures (14,735) (16,571)
Dividends and distributions by subsidiaries to non-controlling (13,328) (2,927)
Proceeds in respect of derivative financial instruments - 7,820
Proceeds from investments by tax-equity investors 198,758 -
Repayment of tax equity investment (82,721) -
Deferred borrowing costs (1,984) (4,957)
Receipt of loans from non-controlling interests 274 18,136
Repayment of loans from non-controlling interests (1,485) (2,302)
Consideration from sale of holding in consolidated entity, without
Loss of control
 - 4,160
Prepayments on account of issuance of shares - (1,750)
Issuance of shares 266,451 206,625
Exercise of share options 9 8
Repayment of lease liability (4,848) (4,327)
Proceeds from investment in entities by non- controlling interest 5,448 1,177
Net cash from financing activities  855,305 684,741
Increase (Decrease) in cash and cash equivalents 206,860 (44,883)
Balance of cash and cash equivalents at beginning of year 193,869 265,933
Effect of exchange rate fluctuations on cash and cash equivalents 3,076 (27,181)
Cash and cash equivalents at end of year 403,805 193,869

Segmental Reporting

 For the year ended December 31, 2023 
 Israel Central-
 USA Management
 Adjustments Total 
 USD in thousands 
External revenues67,687 87,374 90,097 2,274 8,270 255,702 - 255,702 
Inter-segment revenues- - - - 9,074 9,074 (9,074) - 
Total revenues67,687 87,374 90,097 2,274 17,344 264,776 (9,074) 255,702 
Segment Adjusted                 
EBITDA66,680 72,629 78,048 1,518 3,035 221,910 - 221,910 
Reconciliations of unallocated amounts:   
Headquarter costs (*) (30,434)
Gains from projects disposals 9,847 
Intersegment profit 1,587 
Repayment of contract asset under concession arrangements (14,120)
Depreciation and amortization and share based compensation (70,766)
Other incomes not attributed to segments 40,119 
Operating profit 158,143 
Finance income 36,799 
Finance expenses (68,143)
Share in the losses of equity accounted investees (330)
Profit before income taxes 126,469 

(*)   Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Segmental Reporting (cont.)

 For the year ended December 31, 2022
 Israel Central-
 Adjustments  Total 
 USD in thousands
External revenues51,363 70,705 58,991 11,113 192,172 -  192,172 
Inter-segment revenues- - - 9,111 9,111 (9,111) - 
Total revenues51,363 70,705 58,991 20,224 201,283 (9,111) 192,172 
Segment Adjusted                
EBITDA57,598 56,181 45,750 4,018 163,547 -  163,547 
Reconciliations of unallocated amounts:   
Headquarter costs (*) (18,071)
Intersegment profit 2,038 
Repayment of contract asset under concession arrangements (17,579)
Depreciation and amortization and share based compensation (50,940)
Other incomes not attributed to segments 11,617 
Operating profit 90,612 
Finance income 23,341 
Finance expenses (62,591)
Share in the losses of equity accounted investees (306)
Profit before income taxes 51,056 

(*)   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 year ended at
 For the three months ended at
  12/31/23 12/31/22 12/31/23 12/31/22
Net Income (loss) 98,041 38,113 16,202 10,955
Depreciation and amortization 65,796 42,267 21,611 13,454
Share based compensation 4,970 8,673 970 1,140
Finance income (36,799) (23,341) 7,581 (4,160)
Finance expenses 68,143 62,591 16,344 12,126
Non-recurring other income (*) (40,119) (11,617) (18,981) 5,846
Share of losses of equity accounted investees 330 306 (137) 234
Taxes on income 28,428 12,943 2,934 3,619
Adjusted EBITDA 188,790 129,935 46,524 43,214

* Non-recurring other income comprised the recognition of income related to reduced earnout payments expected to be incurred for the acquisition of Clenera for early-stage projects and other income recognized in relation to tax credits for projects in the United States