ENLT Enlight Renewable Energy Ltd

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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 February 2025

 

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 ☐

 

On February 19, 2024, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Fourth 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 fourth quarter and full year ending December 31, 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.

 

Exhibit

Description

99.1	Press Release of Enlight Renewable Energy Ltd., dated February 19, 2024, titled: “Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results”.

99.2	Enlight Earnings Presentation Fourth Quarter 2024.

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 REPORTS

FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

 

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

 

TEL AVIV, ISRAEL, February 19, 2025 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 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.

 

Financial Highlights

 

Full year 2024

 

 

 

 

 

3 months ending December 31, 2024

 

 

 

 

 

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2024 Guidance vs Actual Results

 

 

 

 

 

 

Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits

 

“We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts' forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

 

“Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

 

“The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company's operating portfolio, this will secure approximately 90% of the Company's ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

 

“We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

 

Portfolio Review

 

 

 

 

The full composition of the portfolio appears in the following table:

 

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All the projects in the plan are expected to be completed by the end of 2027

 

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2025 Guidance

 

Construction and commissioning

 

 

 

Financial guidance

 

 

 

 

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Financial Results Analysis

 

 

Revenues & Income

 

In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

 

The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

 

Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

 

Net Income

 

In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

 

 

In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

 

⁹ Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

Conference Call Information

 

Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 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:

 

 

Please pre-register to join by conference call using the following link:  https://register.vevent.com/register/BI9b595c26a5dc4208953cad5b9bb5f4e8

 

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

 

 

Please register and join by webcast at the following link:

 

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/.

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, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. 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. With respect to gains (losses) from asset disposals, 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 or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. 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 Revenues and Income 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 or benefits 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

 

		For the year ended at December 31
		2024				2023(*)
		USD in				USD in
		thousands				thousands
Revenues			377,935			255,702
Tax benefits			20,860			5,438
Total revenues and income			398,795			261,140
Cost of sales (**)			(80,696	)		(52,794	)
Depreciation and amortization			(108,889	)		(65,796	)
General and administrative expenses			(38,847	)		(31,356	)
Development expenses			(11,601	)		(6,347	)
Total operating expenses			(240,033	)		(156,293	)
Gains from projects disposals			601			9,846
Other income, net			16,172			43,450
Operating profit			175,535			158,143
Finance income			20,439			36,799
Finance expenses			(107,844	)		(68,143	)
Total finance expenses, net			(87,405	)		(31,344	)
Profit before tax and equity loss			88,130			126,799
Share of loss of equity accounted investees			(3,350	)		(330	)
Profit before income taxes			84,780			126,469
Taxes on income			(18,275	)		(28,428	)
Profit for the year			66,505			98,041
Profit for the year attributed to:
Owners of the Company			44,209			70,924
Non-controlling interests			22,296			27,117
			66,505			98,041
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			0.37			0.61
Diluted earnings per share			0.36			0.57
Weighted average of share capital used in the
calculation of earnings:
Basic per share			118,293,556			115,721,346
Diluted per share			123,312,565			123,861,293

(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.
(**) Excluding depreciation and amortization

 

Consolidated Statements of Financial Position as of

		December 31				December 31
		2024				2023
		USD in				USD in
		Thousands				Thousands
Assets
Current assets
Cash and cash equivalents			387,427				403,805
Deposits in banks			-				5,308
Restricted cash			100,090				142,695
Trade receivables			50,692				43,100
Other receivables			99,651				60,691
Current maturities of contract assets			-				8,070
Other financial assets			975				976
Assets of disposal groups classified as held for sale			81,661				-
Total current assets			720,496				664,645
Non-current assets
Restricted cash			48,251				38,891
Other long-term receivables			61,045				32,540
Deferred costs in respect of projects			357,358				271,424
Deferred borrowing costs			276				493
Loans to investee entities			18,112				35,878
Contract assets			-				91,346
Fixed assets, net			3,699,192				2,947,369
Intangible assets, net			291,442				287,961
Deferred taxes assets			10,744				9,134
Right-of-use asset, net			210,941				121,348
Financial assets at fair value through profit or loss			69,216				53,466
Other financial assets			59,812				79,426
Total non-current assets			4,826,389				3,969,276
Total assets			5,546,885				4,633,921

 

 

Information related to Segmental Reporting

 

 

 

 

Information related to Segmental Reporting

 

 

Appendix 4 a)  Segment information: Operational projects

 

($ thousands)			12 Months ended December 31						3 Months ended December 31
Operational Project Segments	Installed Capacity (MW)	Installed Storage (MWh)	Generation (GWh)		Revenues and income		Segment Adjusted EBITDA*		Generation (GWh)		Reported Revenue		Segment Adjusted EBITDA*
			2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
MENA	652	625	1,297	627	155,693	67,687	123,724	66,680	285	209	34,086	20,738	24,065	12,794
Europe	1,327	-	2,766	2,321	197,143	177,471	165,383	150,677	772	711	49,979	50,770	35,997	37,473
USA	470	1,200	392	73	36,608	7,712	33,539	6,956	166	19	17,894	3,571	17,573	2,803
Total Consolidated	2,449	1,825	4,455	3,021	389,444	252,870	322,646	224,313	1,223	939	101,959	75,079	77,635	53,070
Unconsolidated at Share	43	41
Total	2,492	1,866

* EBITDA results included $12m in the 12 months ended December 24 and $1m in the 3-month ended December 24, of compensation recognized due to the delay in reaching full production at Projects Björnberget, Atrisco and Emek Habacha

 

** Ownership % is calculated based on the project's share of total revenues

 

 

($ millions) Consolidated Projects	Country	Generation and energy storage Capacity (MW/MWh(	Est. COD	Est. Total Project Cost	Tax credit benefit- Qualifying category	Tax credit benefit- Adders*****	Discounted Value of Tax Benefit***	Est. Total Project Cost net of tax benefit	Capital Invested as of December 31, 2024	Est. Equity Required (%)	Equity Invested as of December 31, 2024	Est. First Full Year Revenue	Est. First Full Year EBITDA****	Ownership %*
Country Acres	USA	392/688	H2 2026	813-855	ITC	DC (10%)	348-365	466-490	49	9%-11%	49	60-63	44-47	100%
Quail Ranch BESS	USA	0/400	H2 2025	106-111	ITC	EC (10%)	51-54	55-57	38	9%-11%	38	22-23	17-19	100%
Quail Ranch Solar	USA	128/0		141-148	PTC	EC (10%)	69-73	71-75						100%
Roadrunner BESS	USA	0/940	H2 2025	312-328	ITC	EC (10%)	142-149	170-179	78	0%-10%**	78	52-55	41-43	100%
Roadrunner Solar	USA	290/0		284-299	PTC	EC (10%)	167-175	118-124						100%
Gecama Solar	Spain	225/220	H1 2026	205-215	-	-	-	205-215	18	25%	18	33-35	26-28	100%
Israel Construction	Israel	6/51	H1 2026	17-18	-	-	-	17-18	2	27%-33%	2	3	3	100%
Total Consolidated Projects		1,041/2,299		1,878-1,974			777-816	1,102-1,158	185		185	170-180	131-141
Unconsolidated Projects at share******	Israel	15/135	H2 2025 - H2 2026	37-38	-	-	-	-	19	-	19	5	3	50%
Total		1,056/2,434		1,915-2,012			777-816	1,102-1,152	204		204	175-185	134-144

 

d)          Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)

 

 

* 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

 

** The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD

 

***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 ******* Including Rustic hills 1+2, Coggon, Gemstone and Crimson orchard

 

Appendix 5 –  Corporate level (TopCo) debt

 

* Including current maturities of debentures in the amount of 44,962

 

Appendix 6 – 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 USD:

 

Date of the financial statements:	Euro	NIS
As of 31th December 2024	1.04	0.27
As of 31th December 2023	1.10	0.28

Appendix 7 – Structural changes to the Consolidated Statements of Income:

 

The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

 

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