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.

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 EBITDA 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

The entire suite of the Company’s 4Q23 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/