TEL AVIV, Israel, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the second quarter ending June 30, 2024.

Financial Highlights

6 months ending June 30, 2024

• Revenue of $175m, up 42% year over year
• Adjusted EBITDA1 of $126, up 33% year over year
• Net income of $34m, down 39% year over year
• Cash flow from operations of $91m, down 4% year over year

3 months ending June 30, 2024

• Revenue of $85m, up 61% year over year
• Adjusted EBITDA1 of $58m, up 39% year over year
• Net income of $9m, down 58% year over year
• Cash flow from operations of $56m, up 42% year over year

Raising full year guidance range

The results of Enlight’s operations during the second quarter and first half of 2024 have been excellent. Revenues and EBITDA have been higher than our expectations after achieving sound operational performance as well as O&M and G&A cost savings. As a result, we are raising our full year guidance ranges for 2024. We now expect 2024 revenues in the range of $345-$360m from $335-$360m previously, and adjusted EBITDA¹ in the range of $245-$260m from $235-$255m previously. This represents an increase of $5m and $7.5m from previous midpoints respectively, and further demonstrates our confidence in the positive trends and strong growth in all areas of our business.

______________________________
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. Please refer to the reconciliation table in Appendix 2.

Second Quarter Business Developments

• Tapolca, a 60 MW solar project in Hungary, reached COD.
• Yesha and Reim (15 MW and 94 MWh in total), parts of the Israel Solar + Storage Cluster, reached COD. Roll out of the remaining 3 sites of the Cluster is on track for the rest of this year.
• Atrisco Energy Storage reached financial close of more than $400m million of debt and tax equity provided by a consortium led by HSBC and U.S. Bank. Enlight expects to recycle $234 million of equity back on its balance sheet.
• Operational portfolio grew by 75 MW and 94 MWh. 234 MWh storage capacity added to the Mature Project portfolio since the last quarter’s earnings report.

“I’m pleased with Enlight’s excellent financial performance this quarter, exceeding our own expectations. The Company’s investment in the US has begun to bear fruit with the completion of construction at our flagship Atrisco project, which will begin to contribute a substantial amount of income to our operations in the coming months,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“The financial close of Atrisco Energy Storage, involving eight of the largest and most prestigious banks in the US and the world, highlights Enlight’s differentiated sources of financing. We believe that in the near future many opportunities will arise in the market, and Enlight’s advantage in access to finance will become significant.”

“The markets in Europe and Israel continue to grow in parallel with the increasing activity in the USA. We believe that thanks to the core infrastructure that we have created, together with differentiation in financing and ability to execute in all market conditions, we will continue to show rapid growth with high margins in the coming periods as well.”

For a full report, visit https://enlightenergy.co.il/data/financial-reports/

‍