Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q3 2024 Earnings Presentation
28 slides from Enlight Renewable Energy's earnings presentation, November 2024
Slide 1: Earnings Presentation Third Quarter 2024
Earnings Presentation Third Quarter 2024
Slide 2: Legal disclaimer
November 2024 Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure pr
Slide 3: Enlight at a glance
November 2024 Enlight at a glance Next generation global renewable energy platform Greenfield developer & IPP Extensive track record Control over entire project life 71% CAGR revenues1 cycle 50% CAGR Mature Project capacity1,2 Global platform Large and diverse portfolio Growing activity across U.S.,
Slide 4: 3Q24 performance overview
November 2024 3Q24 performance overview Revenue Adjusted EBITDA1 up 88% to $109m up 86% to $88m Strong results & FY24 guidance raised Guidance up $10m, Revenues Adjusted EBITDA1 increased for the second $355-$370m $255-$270m consecutive quarter this year Multiple CODs2 of 512 MW & 1,391 MWh, represe
Slide 5: Enlight US at a glance
November 2024 Enlight US at a glance Major increase in operational capacity y-o-y , up 343% to 464 MW Atrisco Solar completed COD in October, and Energy Storage COD expected in coming weeks, representing combined annual1 revenues of $51-55m and EBITDA1,2 of $41-45m CODs and construction Country Acre
Slide 6: Enlight Europe & MENA at a glance
November 2024 Enlight Europe & MENA at a glance Strong financial performance - 3rd Quarter revenue up 87% y-o-y to $101m, driven by new projects and healthy production Operational Capacity rises to 1,938 MW and 625 MWh CODs and high Additional three projects of the Israel Solar & Storage Cluster (55
Slide 7: 3Q 2024 results
November 2024 3Q 2024 results Growth driven by new operational projects and healthy production levels 3Q 2024 versus 3Q 2023 ($m) + 88% 109 + 86% 88 + 115% - 7% + 114% 66 26 24 26 58 47 11 31 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 Revenue Adjusted Cash flow from Net income Net income, exc
Slide 8: 9M 2024 results
November 2024 9M 2024 results Growth driven by new operational projects and healthy production levels 9M 2024 versus 9M 2023 ($m) + 56% 285 + 50% - 29% + 17% 214 + 25% 82 182 158 58 56 142 48 126 24 24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 Revenue Adjusted Cash flow from Net income Net i
Slide 9: Actual results vs consensus expectations
November 2024 Actual results vs consensus expectations Quarterly Adjusted EBITDA Enlight reported Adjusted EBITDA1 versus consensus2 estimates ($m) $85 $75 3Q24 Actual +60% above consensus $65 $55 $45 $35 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Enlight Reported Adjusted EBITDA1 Consensus Estimates2 1Adju
Slide 10: Raising 2024 guidance for the second quarter in a row
November 2024 Raising 2024 guidance for the second quarter in a row Revenues: midpoint increased by $10m EBITDA1: midpoint increased by $10m 370 270 360 362.5 260 262.5 Midpoint Midpoint +2.8% +4.0% 352.5 355 252.5 255 345 245 Previous Guidance Updated Guidance Previous Guidance Updated Guidance 1Ad
Slide 11: Enlight Portfolio
November 2024 Enlight Portfolio *FGW (Factored GW) combines generation Composed of three development categories in three geographies capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5 MENA 14% MENA 13% Europe 19% MENA 13% Europe 4% Europe 5% 21% 19% 28% 67% 49% 51% 2
Slide 12: Enlight Portfolio
November 2024 Enlight Portfolio *FGW (Factored GW) combines generation Spotlight on mature phase portfolio: 8.2 FGW achieves operations by 2027 capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5 Mature phase Portfolio growth quarter over quarter MENA 13% + 15% Europe
Slide 13: Promising business environment for Enlight
November 2024 Promising business environment for Enlight Data centers and EVs are the main drivers of accelerating US electricity demand growth Renewables are the dominant source of supply for growing demand, comprising 95% of the US project queue Power prices in the US and Europe remain high, refle
Slide 14: Promising business environment for Enlight
November 2024 Promising business environment for Enlight Data centers boost electricity consumption; renewables the source of supply Data centers drive growth in US power consumption… … While renewable energy capacity expands swiftly US Data Center Electricity Demand 2023-2030 US and European Solar,
Slide 15: Promising business environment for Enlight
November 2024 Promising business environment for Enlight Load growth rising after decades of decline; renewables dominate project queue Increasing demand for electricity … … Renewables the only game in town U.S. Interconnection Queue in 2023 U.S. 10-Year Annual Load Growth Forecast 3% 2% 2.0% Gas Ot
Slide 16: US dominates growth with successful deployments and next wave of projects
November 2024 US dominates growth with successful deployments Enlight US and next wave of projects All U.S. projects is 100% Enlight owned $132-141m $298-311m $63-66m Revenue1 Revenue1 Revenue1 $49-52m EBITDA1,2 + $108-114m + $239-251m EBITDA1,2 EBITDA1,2 0.5 GW | 1.2 GWh 0.8 GW | 2 GWh 2.4 GW | 2.7
Slide 17: Introducing Snowflake A: a new megaproject for 2025 construction
November 2024 Introducing Snowflake A: a new megaproject for 2025 construction Enlight US 1,140 FMW major solar energy project in Arizona *FGW (Factored GW) combines generation capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5 Location Arizona, USA The project has r
Slide 18: 2024 on plan: construction begins on three major projects
November 2024 2024 on plan: construction begins on three major projects Enlight US Combination of large-scale projects at high returns Country Acres Roadrunner Location California Location Arizona Capacity 392 MW + 688 MWh Capacity 290 MW + 940 MWh Status Construction has begun Status Construction h
Slide 19: 2024 on plan: Diverse mix of wind, solar and storage projects
November 2024 2024 on plan: Diverse mix of wind, solar and storage projects Enlight Europe & MENA Continuing to expand presence across EU and MENA with high expected returns Gecama Hybrid SA Storage in Israel & Italy Location Spain Location Israel & Italy Capacity 225 MW + 220 MWh Capacity 0.7 GWh S
Slide 20: 2024-2027 projects yield high returns
November 2024 2024-2027 projects yield high returns Overlaying 11.0%-11.5% unlevered return with a 5.5-6.0% cost of debt Global Portfolio of 2024-27 CODs Mid-teens % 3.6 GW 6.9 GWh 11.0%-11.5% Unlevered Ratio Mature Phase Portfolio status: Average unlevered Average levered return: return: Equity IRR
Slide 21: Appendix
November 2024 @nlight Appendix
Slide 22: Reconciliation between Net Income to Adjusted EBITDA
November 2024 Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the nine months ended For the three months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Net Income (loss) 58,133 81,839 24,189 26,132 Depreciation and amortization 77,977 44,185
Slide 23: Promising business environment for Enlight
November 2024 Promising business environment for Enlight Enlight US Increased demand coupled with shortage of projects pushing PPA pricing higher Supply and demand imbalance pushing PPA pricing higher … … Equipment prices remain favourable $70 65.63 140% 120% $60 61.1 56.58 100% $50 80% $40 60% 40%
Slide 24: Portfolio snapshot
November 2024 Portfolio snapshot Generation, Storage, Graph, MW MWh scale Portfolio definitions Mature Phase Operational, under construction and pre-construction + + (expected to start construction within 12 months) + 9,962 13,238 19,202 31,820 Advanced Projects which are expected to begin construct
Slide 25: Mature phase portfolio: 8.2 FGW operational by 2027
November 2024 *FGW (Factored GW) combines generation Mature phase portfolio: 8.2 FGW operational by 2027 capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5 Massive growth in the coming years: operational capacity expected to triple to 8.2 FGW (6 GW and 7.6 GWh) by th
Slide 26: Increasing 2024 Guidance
November 2024 Increasing 2024 Guidance *FGW (Factored GW) combines generation Revenues of $355m-$370m and Adjusted EBITDA1 of $255m-$270m capacity and energy storage capacity into one equivalent metric. FGW = GW + GWh/3.5 Raising guidance ranges Operational Portfolio / FGW* Revenue / ($m) Adjusted E
Slide 27: Unique position: near-term pipeline & interconnect advantage
November 2024 Unique position: near-term pipeline & interconnect Enlight US advantage represent “missing link” Transmission infrastructure is the principal constraint for renewable energy today Mature Phase Development Projects Advanced Phase Phase 3.7 GW + 3 GW + 3.6 GW 100% of U.S 100% of U.S 52%
Slide 28: Thank You
Thank You Gnlight 232
Enlight Renewable Energy — Q3 2024 Earnings Presentation on 6ix