Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) reported financial results for the fourth quarter and full year ended December 31, 2023. The Company’s earnings
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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.
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.”
